Putin cut's red tape for foreign investors

We have to reflect on perfecting cooperation with foreign investors, told Putin to a government investment committee.

Russian Prime Minister Vladimir Putin called Wednesday for measures to ease bureaucratic constraints on foreign investors in Russia.

"We have to reflect on perfecting cooperation with foreign investors," Putin told a government investment committee.

Putin said such an approach would be "useful given the world economic situation and in light of the experience we have had with our partners in years past."

"It is clear that more transparency is needed."

His statements came as the government has launched a charm offensive aimed at foreign investors in order to secure financial and technological resources the country needs, notably for major energy projects.

Putin on Tuesday gave assurances that the Russian state would loosen its hold on the economy.

One year after the global financial crisis raised the spectre of the state retaking huge stakes in private enterprises in exchange for bailouts, Putin said fears of broad nationalisation had not come true and stressed the market would continue to reign supreme in Russia.