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  • KEY SESSION “REGIONAL IMPROVEMENTS TO THE INVESTMENT CLIMATE: ASSESSMENT BY THE BUSINESS COMMUNITY” AS PART OF EEF 2016

    03 September 2016

    The session participants discussed the efforts made by the Russian regions to improve the investment environment.

    During the past year, federal authorities have done a lot to boost the interest of entrepreneurs in Russia’s Far East. They have passed a number of bills to spur investments at the regional level, allowing competitive advantages to be harnessed: the law on advanced special economic zones, the law on industrial policy, the law on encouraging investment activity, to name just a few.

    Yet enhancement of business activity also depends on the stance taken by local authorities. At present, the concept of one-stop-shop investor support is being introduced, administrative procedures for technological connections in construction and land allocation are being simplified and other measures are also being taken.

    In the meantime, not one of the nine Far East regions was included among the TOP 20 in the National Rating of Investment Environment in Russian Regions for 2016.

    In the words of the Russian Minister for the Development of Russian Far East Alexander Galushka, the session “Regional Improvements to the Investment Climate: Assessment by the Business Community” can be described as one of the most important at the Forum and noted that, for all stakeholders, this is a unique opportunity to compare and verify how quickly the regions in Russia’s Far East are advancing in creating a better investment environment.
    “A quality indicator for governors is the rise of the Far East regions to the top half of the national rating. Prerequisites for bettering this situation are currently being created. In part, these are special measures taken in Russia’s Far East: the Free Port of Vladivostok, ASEZ and infrastructure subsidies”, noted Mr. Galushka.

    According to the Minister, each of the regions still has its own important part of the work left, which is clearly specified in the investment environment improvement standard and in the relevant national rating.

    “During a period of three years, through joint efforts, the Far East regions, the Presidential Plenipotentiary Envoy and federal agencies have created an exclusive and absolutely unique environment for doing business in Russia’s Far East. But these are isolated pinpoint measures, whereas we are in need of a general environment”, noted Andrei Belousov, Aide to the Russian President.

    He added that, if the general environment in a region is below the average federal level, pinpoint efforts are depreciated. This is why, in the year to come, the Russian Government will work on changing this situation, vigorously identifying the best national practices and rolling them out to Russia’s Far East.