#2 - JRL 6407
From: Alexander Vershbow
Date: Mon, 19 Aug 2002
Subject: re 6397- Dupey & Jaeger/ Vershbow
Dear David:
Thank you for publishing Lois Dupey's thoughtful reaction to my recent speech to the Moscow School of Political Studies (JRL 6397). Her emphasis on the role of the private sector in meeting the challenges of Russia's future is certainly right. My speech was conceptual in nature and, as Ms. Dupey points out, I did not discuss in any detail what policies might best help realize the sort of future that would be best for Russia, its neighbors in Eurasia and the United States.
I would like to point out that our cooperative economic programs with Russia are increasingly focusing on the sort of enterprise development that Ms. Dupey favors. For example, last year Presidents Bush and Putin created a business round table, the Russian-American Business Dialogue. The RABD has provided a forum for Russian and American businesses, including small and medium enterprises, to recommend policies to both governments on ways to stimulate trade, investment and entrepreneurship. Programs funded by the U.S. have also directly contributed to an improved investment environment in Russia, for example, by helping Russian think tanks develop legislation to reduce administrative barriers to the development of small and medium enterprises, and to create a more rational tax regime for them. Programs funded by the U.S. also offer new financing mechanisms for small business in Russia, as well as providing new opportunities for entrepreneurial training and exchanges and partnerships between American and Russian businesses.
As Ms. Dupey points out, the investment climate in Russia has been improving, and this greatly increases the potential for Russia to grow economically through foreign direct investment. Still, significant barriers to investment remain, particularly for smaller foreign firms, which, as Ms. Dupey stated, can play such an important role in stimulating the Russian economy. Helping to remove these barriers is an important part of my Embassy's work. Much remains to be done, and we have to keep in mind that foreigners ultimately can have only a marginal, if important, effect on the outcome. But Ms. Dupey has identified an important component of realizing Russia's future.
Best regards,
Alexander Vershbow
U.S. Ambassador to the Russian Federation
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