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Russian PM to hold meeting of Foreign Investment Advisory Council

October 20, 2014, 2:06 UTC+3 MOSCOW

The meeting participants will discuss issues of investment cooperation and development in the pharmaceutical, telecommunications and food sectors

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© Aleksandr Astafyev/TASS

MOSCOW, October 20. /TASS/. Russian Prime Minister Dmitry Medvedev will on Monday hold a meeting of the Foreign Investment Advisory Council (FIAC), the government press service reported.

The meeting participants will discuss issues of investment cooperation and development in the pharmaceutical, telecommunications and food sectors.

Prospects of implementation of investment projects in the spheres of subsoil use and trade, on the markets of electric power and energy-efficient technology in Russia will also be discussed, the press service said.

The FIAC was established in 1994 for preliminary consideration and drafting of proposals on issues connected with investment attractiveness of the Russian economy and problems of foreign investor organizations during implementation of investment projects in Russia.

For the 20-year history, more than 60 foreign companies and banks have taken part in the FIAC work. The Council currently comprises heads of 51 largest foreign companies with aggregate investment in the Russian economy exceeding $120 billion.

The FIAC activity is currently reoriented to prompt solution of problems of foreign investors at the initial stage and during implementation of investment projects.

If necessary, representatives of companies and organizations not making part of the Council, as well as independent specialists may be involved in work of the FIAC on key areas of activity as experts.

In 2014, the Council’s priority activity areas were defined as: development of energy efficiency, administrative barriers and technical regulations, customs legislation, tax administration, the banking sector and financial markets, trade and consumer sector and improvement of Russia’s investment reputation.

Improvement of the natural resources use, innovation development, healthcare and the pharmaceuticals industry, as well as the development of the Far East and Siberia were also listed among priorities.

Monday’s meeting will involve: first deputy premier Igor Shuvalov, Deputy Prime Minister Arkady Dvorkovich, Economic Development Minister Alexey Ulyukayev, Natural Resources Minister Sergey Donskoy, Construction and Utilities Minister Mikhail Men and Communications Minister Nikolai Nikiforov.

It will also involve Energy Minister Alexander Novak, Finance Minister Anton Siluanov, Health Minster Veronika Skvortsova, Labor and Social Protection Minister Maxim Topilin, Agriculture Minister Nikolai Fyodorov, Russian Direct Investment Fund General Director Kirill Dmitriyev, as well as representatives of relevant ministries and departments, foreign companies and organizations.

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