We are ready for competition with the West – Putin

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No types of monopoly or domination are eternal, and Russia is ready to compete with the West, President Vladimir Putin told an audience in Moscow on Thursday.

Russian companies are ready to compete, they only need help with promoting their businesses, Putin told the ‘Strong Ideas for a New Time’ forum, organized by the Agency for Strategic Initiatives (ASI).

“Our companies and teams are ready for competition and many of them have already proven this. Talking about monopoly, I meant the Western competitors, of course, which had secured a monopoly in many sectors of the Russian market,” the president explained.

According to Putin, Russian companies can establish their presence in the global market step by step, starting with the markets of the Commonwealth of Independent States, Shanghai Cooperation Organization, and BRICS nations.

The world has not collapsed because of the sanctions, according to the president. The restrictions imposed on Moscow by the West have opened up new areas of development for Russian companies, he added.

Russian entrepreneurs filed more than 43,000 trademark registration applications in the first five months of this year, Putin noted, praising domestic businesses.

“I can see that some really interesting new things have emerged. It’s a treat to watch, and hopefully not just to watch but also to wear and use.”

Putin called for the creation of an economy that produces its own modern goods, services, and technology instead of consuming foreign, imported products.

He stressed the importance of helping domestic producers to promote their products, so that Russia will have brands that are well known both within the country and globally.

Putin blasted companies that left Russia as a result of Ukraine-related sanctions. He accused some foreign brands of “turning the exit from the Russian market into a PR campaign,” and expressed doubt that these PR strategies will be of any benefit to them.

The ‘Strong Ideas for a New Time’ forum is a two-day event taking place at the World Trade Center in Moscow. It aims to identify and support initiatives and projects that will make a meaningful contribution to strengthening Russia’s sovereignty and achieving national goals by 2030.

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