A crucial component of any civilized society is the pace of its growth and the development of its citizens. The Institute encourages investment in Russia as well as corporate governance and external oversight of companies. This should be conditioned upon the rule of law and the protection of private property in Russia. Economic development is assisted through foreign investment, which introduces new management styles and transparency guidelines. The Institute encourages discussion and debate on the best ways to attract foreign investment and talents in Russia.
In September 2009, IMR launched the Committee for Russian Economic Freedom, or CREF. CREF supports free markets, free people and free ideas in Russia. Working with corporations and organizations, CREF seeks to promote economic growth and investment in Russia, while highlighting the potential political and investment risks of doing business in a country where government support for free markets, transparency, sound corporate governance and the rule of law is superficial at best.
By making the modernization of Russia a top priority for his administration, President Medvedev has encouraged foreign companies to increase their investment in Russia and extolled the advantages of Russia compared to those of countries with similar economies, such as China, India and Brazil. However, Russia’s executive branch continues to restrict political dialogue, judicial independence and freedom of assembly, while turning a blind eye to the institutionalization of corruption in government.
To increase awareness of and gain support for economic and personal freedoms in Russia, CREF started an “initial public offering” of Russian Economic Freedom which lays out Russia’s current economic situation, its political and economic obstacles, and the risks and rewards it poses to investors. The goal of the IPO is to garner advocates and shareholders who are supporters of CREF’s mission of free markets, free ideas and free people in Russia. To accomplish this, CREF supports reinforcing the rule of law, releasing political prisoners such as Mikhail Khodorkovsky, and encouraging business executives to speak out about investment risks in Russia.
Through its newly developed English-Russian website, www.russianeconomicfreedom.org, CREF maintains a discussion forum related to news and events on a wide spectrum of issues related to U.S.-Russia economic cooperation and trade.
In its activities designed around the three focus areas, IMR aims to promote a discussion among leading experts on Russia and representatives of Russian civil society around the following questions:
• Can there be modernization without liberalization of Russia’s political institutions and rule of law?
• How to transition to a diversified economy driven by innovation?
• How to achieve stable foreign investment climate?
• Can civil society become the driving force in modernization of Russia?
