January 13, 2017

Alexey Mordashov at the Gaidar Forum-2017: "It was competition that raised the standard of living for Russian people"

Alexey Mordashov, Chairman of the Board of Directors of Severstal, one of the world's leading vertically-integrated steel and mining companies, took part in Moscow’s Gaidar Forum-2017: Russia and the World: Setting Priorities, from 14 to 16 January.

Day two of the forum focused on Russia’s macroeconomic developments and Alexey Mordashov spoke at the panel session: Competition Policy Priorities. The participants discussed the importance of competition for the development of businesses and Russia as a whole. Mr Mordashov was asked about the impact of sanctions and counter-sanctions on Russian business, the areas of the economy that should be more competitive, how to impose limits on competition and how businesses can be supported by the state.

Alexey Mordashov said: "Without competition, our economy will not grow, nor will the quality of life improve for Russian citizens. Competition encourages manufacturers and service providers to develop and improve the quality of their offering."

Mr Mordashov also commented on the economic sanctions, saying that the sanctions have supported some industry sectors: "Agriculture has experienced a major boost due the domestic market being self-contained. But this is one particular case that has benefitted [by chance/due to its own nature]. As a strategy this risks decline rather than growth."

"Competition is a consequence of fundamental principles such as economic freedom, which encourages economic development. If our goal is a better quality of life, we have to accept competition." - concluded Alexey Mordashov.

Other participants of the panel discussion were: First Deputy Chairman of the Russian Government, Igor Shuvalov, Head of the Federal Antimonopoly Service, Igor Artemyev, Chairman of the Financial Market Committee of the State Duma, Anatoly Aksakov, CEO of Rosatom State Atomic Energy Corporation, Alexei Likhachev, and the Chairman of the Board of Directors of the East Office of Finnish Industries, Finnish Prime Minister from 1991-1995, Esko Aho, also took part in the discussion. Andrey Makarov, Chairman of the Budget and Taxes Committee of the State Duma, was the moderator.