Russia Forum: Glasenberg calls for Russia to open up to investors

April 18, 2013

 

Russia should be building infrastructure and supporting foreign investment in its metals and mining sector, Glencore CEO Ivan Glasenberg told The Russia Forum 2013 in Moscow on Thursday, April 18.

“Russia should be an easier place to invest than Africa”, Glasenberg told the forum organised by Sberbank, Russia’s largest lender.

“Russia is where we should be going – it’s close to China… it has got resources,” Glasenberg said.

“However, Russia should work on establishing rule of law to make foreign investment easier,” he added. “The Russian government has to develop infrastructure, including better railway lines and better ports.

“We also need to see Russian companies themselves investing in their assets, building new mines and plants, inviting foreign investors to provide the capital,” Glasenberg said. “And the government has to ensure the ownership rights will be observed.”