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By Srimal Fernando Asia Correspondent
(Source http://www.thediplomaticsociety.co.za/index.php?option=com_content&view=article&id=464
Russia the Economically Rising Super Power
By Srimal Fernando Asia Correspondent
Russia is one destination for which any number of praising words seem
inadequate. As the largest country in the world Russia provides access
to many European and Asian destinations. Russia, with a population of
143million is ranked sixth peaceful country in the world according to
the Global Peace Index (GPI) report of 2012. The country is synonymous
with big cities such as the capital Moscow, Saint Petersburg and the
easternport city of Vladivostok.
Moscow is situated on the banks of the majestic “Moskva River” and
has been a place of cultural and historical importance for centuries.
After the October Revolution of 1917 Moscow became the capital of former
Soviet Union and of Russia on 12th March 1918. The city is also modern
in every sense of the word, from cloud-tickling skyscrapers, world-class
hotels with unparalleled service and astonishing scenery. The Red
Square is one of the highest-esteemed attractions in Moscow. Of those
the most exotic popular places-of-interest in the city other than the
Red Squire is the stately twelfth century Moscow Kremlin. Traveling by
Trans-Siberian railway 9,259 kilometers East of Moscow to Vladivostok
the last major city provides a gateway to many North East Asian
countries.
The country has undergone vigorous transformations following the two
decades of economic reforms. In recent times the country has had a
record of successful economic performances, reflected in strong growth
with relative stability. The country benefits from rich natural
resources, a diversified agriculture and industrial base and an
export-oriented manufacturing sector. It is one of the fastest-growing
economies in the world making significant headway into the international
markets. The country’s highly globalised economy grew at an impressive
4.2 per cent in 2011.
Moreover, the economy benefited from the close cooperation between
the public and private sectors. Russia’s strategy for an integrated
development of the country has been boosting productivity and moved
people in to positions of greater ability. The average nominal monthly
wages increased from USD 80 in the year 2000 to USD 810 in 2011. The
agriculture and industry continues to employ a significant proportion of
the labor force of the country. It is the largest contributor to total
the Gross Domestic Product (GDP). The country enjoys a diversified
service sector, which includes well-developed social, financial,
insurance, real estate, transport, corporate, communication services,
and tourism.
High levels of investment played a significant role in the economy of
the country. The Government encourages foreign direct investments (FDI)
and actively pursues the policy on economic liberalization with
emphasis on private sector investments. The Ministry of Economic
Development of the Russian Federation spearheads the country’s
industrialization. The burgeoning highend industries, Technology,
Innovative SEZs, Tourism andRecreational SEZs and Industrial Production
of special economic zones (SEZs) of Russia in Lipetsk Region, Tatars tan
Republic, Samara Region, Sverdlovsk Region and Titanic Valley yield
many opportunities for investment.
The country’s main export industries are machinery, equipment,
electronics, consumer goods, pharmaceuticals, chemicals and minerals. In
recent years the telecommunication sector of Russia has been growing at
a fast pace, and the economy benefits from widespread access to
communications services. The country is emerging as the world’s
Information technology (IT) destination. Russia acts as an offshore
development centre for several multinational companies in the world.
According to Euro set Sales of smart phones in Russia increased by 74
percent year on year to approximately 2.6 million units in the first
quarter of 2012. the country’s softwear and electronics industry has
grown to become a vital node in the global electronics market.
Electronics is the major industry underpinning the country’s economic
growth. With the development of the country’s defense industry, Russia
has acquired a commanding position in the global market as the world’s
second largest conventional arms exporter. The defense industry provides
direct employment opportunities to over 2.5 million people. The Russian
automobile industry employs around 600,000 and is expected to increase
its market share in Europe in the next few years.
On the development side, the energy policy of Russia is steered
towards increasing the production of nuclear power, hydro-electricity
and thermal powered electricity in the country. Russia is expanding its
nuclear power production capacity as the fourth largest nuclear energy
producer.
Petroleum and petrochemicals was another base of Russia’s industrial
and economic life. The countries high economic growth was attributed to
the large and growing oil and gas exports. The crude oil, gas and
petroleum pipelines remain the main economic driving force of the
Russian energy sector. The country is known as a super power in
electricity production. The electricity sector in Russia constitutes the
third largest power market in the globe.
Russian transport infrastructure is relatively advanced. Having
doubled its expressways and road networks in length in recent years,
multilane expressways now connect several major cities with more under
construction. The country is situated at the crossroads of major
railway lines and has an extensive network. The Russian railway tracks
exceeding 85,500 kilometers connecting Europe with Asia. The country is
also modern in every sense of the word, from its super-efficient Sapsan
high speed trains. Russia’s busiest ports are experiencing tremendous
growth in trans-shipment and increment of cargo volume during the last
two decades. Vladivostok on the Pacific Sea, the Black sea port of
Novorossiysk, St Petersburg on the Baltic is some of the main ports
handling international maritime traffic. Russia has strong air
connectivity with over 1200 domestic and international airports.
Sheremetyevo International Airport opened in 1959, Moscow Domodedovo
International Airport (DME ) 42 kilometers of southeast of Moscow.
Pulkova in St Petersburg and the Vladivostok International Airport in
the eastern side of Russia are some of the largest and busiest airports
in the country that attract over 100 international airlines. These
aviation hubs serve as a base to Aeroflot the flag carrier of the
country. Tourism in the country is experiencing sustainable growth for
the last three decades due to the country’s natural and historical
attractions, which appeal to visitors from all parts of the world.
Tourists visiting this beautiful country will find that things they can
see are limitless. The country is home to many distinguished foreign
tertiary institutions. The most well-known of all are the Lomonosov
Moscow State University established in 1755 and the Russian State
Medical University (RMU).These universities had played a pioneering role
in the development of the modern education system in the country.
Russia is home to many industries and has been an integral part that
has built up strong scientific foundation with excellent global
connectivity. Russia is a rising super power wanting to be a Global
financial powerhouse in the near future.
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