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MIL OSI Translation. Region: Russian Federation –

09/22/2021

The new regional standard is based on the best practices of work of entities with investors. The regions will decide on their own to follow the recommendations or not, but the approved plan for the implementation of the reginveststandard will provide subsidies to cover lost income when providing an investment tax deduction. This was announced on Wednesday, September 22, by the Minister of Economic Development of Russia Maxim Reshetnikov at the “Government Hour” in the Federation Council.

Senator Alexander Zhukov noted the ambitious growth in investments that the Ministry lays down in the forecast of socio-economic development for 2022 and the planning periods of 2023 and 2024. The Federation Council asked how the introduction of a regional investment standard will help in this matter. Maxim Reshetnikov answered: the document is intended to ensure healthy competition between the regions.

“The meaning of the regional investment standard is that all regions meet the minimum set of requirements for the arrival of an investor. So that the subjects of the country do not just wait for an investor to come to them, but to actively compete, look for investors inside the country, on the external circuit. It is not for us to teach individual regions to attract investment. They themselves will teach anyone. Our task is to help new teams and create a clear system of interaction between the government and business, ”answered Maxim Reshetnikov.

The regional investment standard is based on the best practices of the country’s regions with investors. It consists of six elements:

The investment declaration contains the obligations of the region. It will also prescribe long-term plans for socio-economic development.
The investment card will include data on infrastructure, resources, tariffs and support measures for a specific territory.
Investment development agencies will attract and advise investors, as well as accompany their projects.
Investment committees will become a platform for prompt resolution of all issues in pre-trial order.
The set of investment rules will prescribe the optimal algorithm for connecting to the infrastructure.
All information about investment projects, implementation progress and obligations of the parties will be recorded in the register of investment projects.

In October, the Ministry of Economic Development will approve the first three elements of the system: an investment declaration, investment committees and investment development agencies. By the end of the year, the Ministry will approve the register of investment projects, an investment card and a set of investment rules.

The development of guidelines is now underway together with 11 pilot regions. Subjects will decide on their own to follow the recommendations or not, but the approved plan for the implementation of the reginvest standard will provide subsidies to cover lost income when providing an investment tax deduction.

A source: Ministry of Economic Development of the Russian Federation

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EDITOR’S NOTE: This article is a translation. Apologies should the grammar and / or sentence structure not be perfect.

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