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Russia's Yakutia plans optimizing development institutions

August 01, 14:59 UTC+3 YAKUTSK

Yakutia presently has about 20 business incubators, the Yakutia venture fund, the Agency for Investment Development, the Republic Investment Company

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YAKUTSK, August 1. /TASS/. Yakutia will optimize its development institutions in 2018, the region's Deputy Minister of Investment Development and Entrepreneurship Alexander Androsov told TASS on Tuesday.

"In the current conditions of the budget deficit, we have decided to optimize the development institutions in order to build up their effectiveness," he said. "Before the yearend, we shall complete the organizational part of optimization, and in 2018 we shall have a fresh and optimized system of development institutions."

Yakutia presently has about 20 business incubators, the Yakutia venture fund, the Agency for Investment Development, the Republic Investment Company. Besides, in early 2018, the republic will organize a fund for support of local industries.

"In certain aspects, those development institutions have common directions, and thus we now analyze their work, and when this is done we shall decide which institutions would be optimized," the deputy minister said.

The republic's Deputy Minister of Investment Development Tatyana Bravina said effective work of those institutions may improve the republic's investment climate.

"When we attract investors, we should make clear for all the rules, there should be no administrative barriers, the paperwork timing should be regulated," she said. "This is why now we are working to improve the republic's investment rating."

"In 2018, in the rating we should go up at least 17 positions against this year - from the 58th to the 41st position," she added.

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