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Moscow region governor hopes for economic growth 30 percent higher than Russia's average

May 29, 2012, 17:51 UTC+3

It is necessary to double the regional budget within the next five years

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KRASNOGORSK /Moscow region/, May 29 (Itar-Tass) — Moscow region governor Sergei Shoigu intends to secure an economic growth in the region by 30 to 40 percent higher than Russia’s average. Shoigu said so at the first meeting of the new regional government on Tuesday.

It is necessary to double the regional budget within the next five years, bringing it to one trillion roubles, he said. The governor set the task to cut the state debt from 45 to 25 percent of the region's revenue.

"To this end, we have to expand the tax basis by increasing direct investments in the regional economy," he underlined.

The authorities have to increase tax collection to be able to resolve the key task: raising wages in the public sector.

Shoigu called for improving the investment climate and the condition of investors' work. He proposed to set up an investment council headed by the governor, outline the responsibility for each investment project at the level of the regional and municipalities and make investing more transparent for the participating companies.

The governor suggested creating a financial and business center in the region and adopting a law on strategic investors, which would envision easy terms for the most difficult projects. "I ask chairman of the Moscow region government Andrei Sharov to lead this work," Shoigu said.

He also set the talks to reduce the cost of economy-class housing in the Moscow region by 20 percent.

"It is necessary to bring the level of housing per one resident to Europe’s average," he said, "it can be done by ensuring a quick growth of low-height housing construction, not through development density."

"I ask the government, together with the municipalities to analyze housing construction projects for compliance by the investors with their social commitments," the governor said.


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