Herman Gref addresses economic reform at Moscow Financial Forum

Sep 13, 2019

September 13, 2019, Moscow — Herman Gref, CEO and Chairman of the Executive Board of Sberbank, has taken part in a plenary session called “Economic Reforms in Russia: Evolution & Today’s Priorities” at the Moscow Financial Forum.

The discussion was moderated by Andrey Makarov, Chairman of the State Duma Committee on Budget and Taxes, Federal Assembly of the Russian Federation.

Besides Sberbank CEO, session speakers included Anton Siluanov, First Deputy Prime Minister and Minister of Finance of Russia, and Anatoly Chubais, Chairman of the Management Board of RUSNANO Management Company.

Discussion participants addressed the extensive expertise that Russia has in reformation, talked about the issues currently facing Russia, and spoke about the reforms the nation needs.

Herman Gref identified management as the pressing issue of today.

Herman Gref, CEO, Chairman of the Executive Board,

“Economy is now more complicated and tools are more complex, so we just can’t employ the old model to tackle today’s problems… We don’t have a business model to spur this country’s economic growth. We don’t have the consensus on what to do. And if there’s none, the matter of ‘how’ is off the agenda.”

According to Mr. Gref, national projects will not do the job as they lack in structure and financing. He suggested tunneling the funds into entirely different areas:

“Fortune has given us a gift. Everything is booming on the back of technology: management, healthcare, education, industry, and services. An entirely new model is being shaped up globally. So, all the money we have in national projects should be injected in reinventing and recreating a new model in each of those areas. With money like this we’ll definitely be able to carry out these reforms.”

According to Sberbank CEO, Russia is positioned in a unique way for a breakthrough, having the people, the money, and its proprietary technology.