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SOURCE R.I.M. Porter Novelli
LONDON, December 12, 2013 /PRNewswire/ --
The Ministry of Regional Development of the Russian Federation, in partnership with the World Association of Investment Promotion Agencies (WAIPA) and the National Council for Investment Climate Development, held a roundtable exploring ways to create effective mechanisms to promote investments in Russian regions in Moscow on 6 December 2013. Attending the conference were Minister of Regional Development of the Russian Federation Igor Slyunyaev, Chairman of the National Council for Investment Climate Development Yury Voicehovsky, WAIPA Executive Director Carlos Bronzatto, and WAIPA President Ilker Ayci.
As of today, foreign investments in Russia are deemed inadequate to the scope of the national economy - Russia is ranked fifth in the world by GDP, whereas by FDI inflows, it has a ranking of 13 (in 2012, FDI in the Russian economy totaled USD18.7 billion). Another factor is the geographical imbalance of investment inflows at the level of regions, with ten subjects of the Russian Federation accounting for 80% of combined foreign investments.
"The situation where 73 constituent entities of the Russian Federation receive only 20% of foreign investments is completely unacceptable. Most foreign investors have so far failed to see the real potential of our regions and sectors of the national economy. Not all of the subjects of the Russian Federation possess sufficient experience and qualification to work with foreign partners," said Minister Igor Slyunyaev.
In order to address this challenge, the Ministry of Regional Development and the National Council for Investment Climate Development established the Russian Investment Agency. Making use of non-budgetary financing resources, the Russian Investment Agency will promote one-stop-shop procedures for foreign investors; enable potential investors to receive reliable information on the conditions, opportunities and procedures for investment activities in Russian regions; coordinate improvement of environment and mechanisms promoting investments consistent with the best international and domestic practices.
"It is of paramount importance that such an Agency is being established with the Ministry of Regional Development, because the Ministry has requisite resources, information about the status, requirements and development potential of each region. The Ministry is responsible for the regulation of the socioeconomic development of the subjects of the Russian Federation, implementation of regional investment projects, strategic planning in regions, as well as territorial planning," said Yury Voicehovsky.
The Agency is planned to become fully operational in 2014 under the brand 'Invest in Russia'.
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