THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
OCTAVIA NASR, CNN ANCHOR: The Russian economy, struggling since the breakup of the Soviet Union, appears to be making a comeback, and some international investment companies say the outlook is promising.
SHIHAB RATTANSI, CNN ANCHOR: As ORT reports, the Russian government credits the recovery to ongoing tax reform measures.
(BEGIN VIDEOTAPE)
NATALYA SEMENIKHINA, ORT CORRESPONDENT (voice-over): Once a year, these people come to Moscow to get firsthand information about the political and economic situation. Their interest is quite practical. They represent various international investment companies.
So far, Russia has not attracted any large international investment, but investors are praising the country for its bold tax reforms, and Russian officials say they plan to make more cuts.
ALEXY KUDRIN, FINANCE MINISTER (through translator): The average tax rate today is 27 percent. We think that if we lower it to 25 percent, this will lead to higher spending and to the improvement of tax collection.
SEMENIKHINA: These calculations are supported by the International Monetary Fund, and this is very important for investors. The deputy director of the IMF says Russia's budget stays positive, and that helps to keep inflation down.
Investors were also concerned about recent management changes in the state-owned natural gas company Gasprom.
SERGEY STEPASHIN, STATE'S AUDITOR'S CHAMBER (through translator): The appointment of new managers should put an end to all suspicious of alleged nepotism and other wrongdoings in the company. The country's president keeps the situation there under control.
SEMENIKHINA: International investors say that they are quite optimistic about Russia's reforms, a sign that the country's investment climate is finally changing.
This report was prepared by ORT, Russia, for CNN WORLD REPORT.
(END VIDEOTAPE)
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