投资者不应该轻易放弃俄罗斯

    就我的个人经历而言，官僚主义是个更大的问题。在俄罗斯，官僚主义就像一头猛兽，必须一直喂它，而它的胃口也一直都那么好。俄罗斯的法律极为复杂，而且都是书面工作，需要大批律师和会计师的参与，还要我这样的高管签字，而且是一式三份。在日常经营中，几乎各个方面都有错综复杂的问题，以至于存在一些默默无闻的法律，你甚至从来没有听说过它们，但不遵守它们就会被抓住把柄。

    另一个急需全面改进的领域是基础设施，比如交通和通信。虽然俄罗斯的富裕水平正在上升，而且有丰富多彩的历史和世界级的教育体系，但它还不具备快速发展所需的公路和宽带网络（更不用说网速了）。

    按照西方的标准，俄罗斯无疑还有很长一段路要走。但现在的俄罗斯要胜于以往任何时候，俄罗斯人也从未像现在这样富裕。

    俄罗斯是世界上名列前茅的能源出口国，工业化水平以及劳动力的受教育水平都达到了空前的高度，供人们在网上和线下消费的可支配收入也在不断增加。

    虽然全球金融危机给整个世界带来了巨大的持久性伤害，但俄罗斯的经济走势一直较为强劲，没有一家银行倒闭。同时，虽然存在诸多不足，俄罗斯政府一直能保持政局稳定，还展现了控制通胀的能力。

    摩根士丹利（Morgan Stanley）的数据显示，俄罗斯的外债较少，仅占GDP的31%。去年，俄罗斯的经常项目顺差占GDP的3.6%，财政盈余占GDP的0.4%。有多少西方国家能达到这样的水平？

    此外，俄罗斯的教育标准很高，它的技术教育要超过大多数、甚至所有欧洲国家。俄罗斯程序开发人员在世界性计算机编程竞赛中经常大获全胜并不令人意外。

    在美国，私人投资者往往资金充裕，但面对如此激烈的竞争，他们不得不花时间来仔细搜寻有价值的机会。在俄罗斯，情况恰恰相反。这个生态系统要年轻得多，也就是说没有那么多的初创型企业，现有的那些处于起步阶段的公司则经常为了筹集资金而你争我夺。

    结论：人们往往错误地把俄罗斯视为投资风险较大的国家——所有的理由都不正确。实际情况是，俄罗斯存在问题，但应该说其他国家和地区也都有这样的问题。另一个实际情况是，俄罗斯经济走势强劲，许多俄罗斯企业都有着实实在在的增长潜力，投资带来高收益的可能性也很高。所以，千万不要坐失良机。

    本文作者是俄罗斯最大网络零售商OZON首席执行官，曾入选2012年《财富》“40位40岁以下商界精英“排行榜。（财富中文网）

    译者：Charlie    

    In my experience, bureaucracy is a bigger problem. In Russia, it's a beast that must constantly be fed and whose appetite never wanes. Legislation is exquisitely complex and paper-based, requiring battalions of lawyers and accountants, and from executives like me, signatures in triplicate. Complexities are layered into almost every aspect of daily business life, to the point where you can get "caught" for not following obscure laws you never even knew existed.

    Another area in urgent need of an overhaul is basic infrastructure, such as transport and communications. Despite Russia's growing wealth, rich history and world-class school system, the country does not yet have the roads or broadband connections (let alone speeds) necessary to underpin rapid growth.

    While Russia undoubtedly still has a long way to go by Western standards, there has never been a better time in history to be born here. People have simply never been better off.

    The country, a leading global energy exporter, has never been more industrialized, and its labor force has never been more educated, with increasing disposable incomes to spend both online and offline.

    While the global financial crisis has wrought lasting havoc across the world, Russia's economic performance has remained relatively strong. None of the country's banks have collapsed and, for all its flaws, government has provided a stable political environment, demonstrating that it can control inflation.

    According to Morgan Stanley, Russia has low external debt of just 31% of GDP and last year ran a current account surplus of 3.6% of GDP, alongside a fiscal surplus of 0.4%. How many Western countries could say the same?

    Moreover, educational standards are high in Russia, with technical education outperforming that of most, if not all, European nations. It's not surprising that Russian coders often outright dominate computer-programming contests held worldwide.

    In the U.S., private investors tend to be awash with funds, but with competition so fierce, they are forced to spend their time scouring for worthwhile opportunities. In Russia, it's the other way around. The ecosystem is much younger, meaning there aren't that many startups, while those that do exist often struggle to raise capital.

    Bottom line: Russia is often mistakenly viewed as a "risky country" for investments -- for all the wrong reasons. The reality is that there are bad things going on here, but arguably nothing that doesn't happen elsewhere too. Another reality is that the Russian economy is strong, the growth potential for many of its enterprises genuine, and the potential for significant returns on investments high. Ignore at your own peril.

    Maelle Gavet (@MaelleGavet) is CEO of OZON, the largest online retailer in Russia. In 2012 she was featured in Fortune's 40 Under 40.