tate supports for the agricultural sector, for example, in Canada, in the U.S. and in the EU (5) and is very significant. And under the terms of accession to the WTO, Russia must reduce state support of agricultural sector.
The similar situation will be in other branches of economy mainly because of decrease in the export duties which will facilitate access for import of goods to the domestic market.
Significantly, may be affected the financial services sector, because the WTO requires equal access of private capital to the markets in order to increase international competition in this area. (6) This will cause serious problems of survival, for example, for Russian banks and insurance companies. The opening of branches of foreign financial and insurance companies will give Russian citizens and companies the opportunity to use cheaper loans and better services. Today, therefore, domestic enterprises should prepare and strengthen their businesses to compete with international business and maintain control over national economies.
Lets see on what Russian domestic companies and foreign companies today are based. Domestic companies' strengths include:
1. Administrative resource. Russian domestic corporations (GazProm, RusAl, Nornikel, Lukoil, etc.) have huge administrative resource in the country.
2. Cheap labour. The level of wages in Russia is very low. So, in this aspect we can bet only China and third world countries.
3. Cheap energy resources. Such a rich resource base, no country in the world has.
4. Cheap scientific experts, who we inherited from the Soviet Union.
5. Soft environmental requirements.
The advantages of foreign companies:
Extensive management experience. European and American entrepreneurs have several hundred years of living under capitalism. They accumulate experience and then develop production and management technologies. In Russia, however, it is not a tradition of using ready-made management decisions, so most companies are creating their own management systems.
The application of modern production and management technologies. Excellence in productivity.
Usage of the latest technologies leads to the superiority of American companies over Russian in labour productivity.
The presence of longer and cheap financial resources.
The main reason of the superiority of the developed foreign companies is the use of modern production and management technologies. It is therefore necessary to consider the possibility of eliminating the backlog of domestic enterprises in this area. The introduction of modern production technologies requires large and additional investments. But the majority of Russian enterprises is opaque and inefficient, and therefore has little chance of obtaining investment funds, because they do not guarantee their repayment.(7) Therefore, it is necessary to make business enterprises transparent and more efficient to obtain investments for modernization of production. This can be achieved by implementing in the companies modern management techniques, which are less expensive and can provide positive economic effect than the production technologies, because these modern management technologies can provide a more rational use of financial and human resources. Therefore, Russian companies will be signifi
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