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Putin to chair meeting of Advisory Board on foreign investments

October 17, 2011, 8:50 UTC+3
Among the issues on the agenda are setting up of modern industrial production based on advanced technologies in Russian regions
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MOSCOW, October 17 (Itar-Tass) — Russian Prime Minister Vladimir Putin on Monday will chair the 25th meeting of the Advisory Board on foreign investments.

Among the issues on the agenda are setting up of modern industrial production based on advanced technologies in Russian regions with foreign investments, measures to improve the investment climate in Russia, reducing of administrative barriers on the way of foreign investment capital and participation of foreign companies in the privatization, the government press service said.

The meeting will also consider the results of the board's activities in 2011 and prospects to enhance the efficiency.

Participants in the meeting will be First Vice-Premier Igor Shuvalov, Economic Development Minister Elvira Nabiullina, Energy Minister Sergei Shmatko, Acting Finance Minister Anton Siluanov, representatives of other ministries and departments and top managers from leading international companies.

The Advisory Board was formed in 1994 to promote the creation and development of an attractive investment climate in Russia, with the experience of the work of international companies on the Russian market taken into consideration. The council consists of representatives from 42 foreign companies and organisations, which account for a considerable part of direct foreign investments in Russia.

The prime minister is chairman of the board, and the economic development minister is deputy chairman.

The board in the past years proved to be efficient and important as a mechanism uniting efforts of foreign investors and the Russian government to improve Russia's investment climate and the legislation. The council and its working structures support priority guidelines for the government's activities, examine the legal basis and participate in the processes of formation and improvement of Customs Union mechanisms.

Proceeding from the objectives of the Russian economic development and the most important issues of foreign investors, the working groups of the council determine priority areas of its activities for a year.

In 2011, among the key issues were the improvement of conditions to attract foreign specialists and their presence in Russia, the improvement of customs procedures, reducing of administrative barriers, enhancing of the economic energy efficiency, the development of the financial marker, stimulating of introduction of high technologies and development of production of commodities.

With the aim to enhance the efficiency of the board work, the government's December 30, 2010 resolution changed the structure and principles of the board. Its work was re-orientated to prompt solution of problems emerging for foreign investors in the implementation of projects in Russia.

The position of investment ombudsman appeared in Russia in 2010. Igor Shuvalov appointed to the post works as an intermediary between the government and foreign companies that directly formulate proposals to optimize the Russian investment legislation.

The survey conducted by the Ernst and Young company in May-June showed that among executives of more than 200 European, North American and Asian companies, 75 viewed the Russian market as attractive, including 30 percent of the respondents who believe it is very attractive. Executives of 66 percent of the companies that have invested funds in Russia are interested in the expansion of the activities on the Russian market.

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