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Russia ready for Hungarian involvement with pre-fab housing renovation

Russia is quite interested in a major pre-fab housing renovation project underway in Hungary and would like to see Hungary join in similar efforts in Russia, Regional Development Minister Vladimir Yakovlev said in Budapest on Tuesday.

Yakovlev was meeting with his Hungarian counterpart Mónika Lamperth, and was particularly interested in Hungarian renovation efforts since many of the structures were originally built with Soviet-Russian technology using their specifications. He encouraged Hungary to join in Russian rehab programs noting that "Russia is a huge market and a tremendous opportunity for construction investments."
Lamperth said the role of the government was to make it easier for businesses to cooperate. Yakovlev said the job of the two governments was "to stay out of the way" of private sector initiatives and to back them with appropriate and transparent regulation to facilitate their efforts.
Noting that 77% of homes in Russia were privately owned, Yakovlev also said that their owners did not have the money to renovate. The goal of the Russian housing reform is to get the business sector interested in the renovation projects, he said.