As the World Economic Forum in Davos approaches, the Russian government has come out with a positive sales pitch. One such example is this interview that Deputy Prime Minister Arkady Dvorkovich gave to Bloomberg, where he states that he “personally believes” oil will bounce back to between $50-60 within the next three years. Whatever your opinions on the subject, the market is not that easy to predict, and Dvorkovich’s statement cannot really be considered anything other than wishful thinking.
Dvorkovich then suggests that agriculture will see growth, but concedes that the domestic market is not where they will focus, but rather on foreign investors. He tries to pitch “improvements in the investment climate”, but given the recent breakdown of ties with Turkey, where Turkish companies were forced out, I would not put too much stock in that statement.
Dvorkovich tried to put a positive spin on the situation, but instead he came across as rather desperate.
This is in marked contrast to the statements that came out of the Gaidar Forum last week, where the elite made no promises and criticized the Putin government for its failure to modernize.
Meanwhile, Deputy Prime Minister Yuri Trutnev is leading the Russian delegation to Davos this year. This suggests that Russia is looking for investors in Russia’s Far East, and it will be interesting to see who (if anyone) bites.