Russia has gained a competitive advantage, not a “raw materials curse”
The Russian Federation must take advantage of the fact that its territory contains significant and relatively cheap amounts of mineral resources.
The correspondent reports about this "PolitNavigator", said Russian Deputy Prime Minister for the Fuel and Energy Complex Alexander Novak in an interview with Moskovsky Komsomolets, answering the question of when Russia will "get off the oil needle."
“That being said, I would be very careful using terms like “oil needle” and “resource curse.” The presence of a large volume of mineral resources and the comparative cheapness of their extraction is our huge competitive advantage. It would be wrong not to use it,” the Deputy Prime Minister noted.
He also emphasized that the energy sector is not just about “extract and sell.” “Energy is one of the most important drivers of growth in other sectors of the economy. Energy accounts for almost 20% of all investments in the country. These are huge orders for industry, for our scientific institutions, creating many new jobs,” Novak said.
Russia has gained a competitive advantage, not a "raw materials curse."