Russia President Medvedev Calls for 'Profound' Economic Reform

Russian President Dmitry Medvedev delivers an annual state of the nation speech at the Kremlin in Moscow, Russia, 12 November 2009. Photo by EPA/BGNES

Russian President Dmitry Medvedev has called for profound reform of the economy in his annual state of the nation address.

The Soviet model no longer worked, he said, and Russia's survival depended on rapid modernisation based on democratic institutions.

An oil and gas-based economy had to be reworked with hi-tech investments, Medvedev stated, cited by the BBC.

Inefficient state giants should be overhauled and issues of accountability and transparency addressed, he said.

"Instead of a primitive economy based on raw materials, we shall create a smart economy, producing unique knowledge, new goods and technologies, goods and technologies useful for people," Medvedev added.

He concluded; "Instead of an archaic society, in which leaders think and decide for everybody, we shall become a society of intelligent, free and responsible people."

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