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MIL OSI Translation. Region: Russian Federation –

First Deputy Prime Minister Andrey Belousov held a meeting with heads of regions who intend to introduce a new investment standard in 2022.

“Implementation and compliance with the new regional investment standard will be an entry ticket to receive support through the investment tax deduction and other measures to promote investment activity. At the same time, we do not call for the destruction of the existing mechanisms for attracting investments. But their legal capacity will have to be confirmed by the final beneficiary – the investor,” Andrey Belousov said.

The mechanism of the regional investment standard was developed by the Ministry of Economic Development. According to Maxim Reshetnikov, the new standard is formed on the basis of the best practices accumulated during the implementation of the previous one. Its goal is to raise all regions to the same high level in working with investors.

“In fact, in 10 months we developed and approved a unified system for supporting new investment projects throughout the country. 12 regions already use it. This year, 30 more regions will join, and by the end of 2024 all other regions will be connected,” said Maxim Reshetnikov.

Local business associations will evaluate the quality of implementation of the standard. The Russian Union of Industrialists and Entrepreneurs, the Chamber of Commerce and Industry and Delovaya Rossiya are involved in this work.

“Business associations jointly form expert pools in each of the regions. During the launch of the reginveststandard this year, Delovaya Rossiya will coordinate the process of monitoring and confirmation, and will act as a testing ground for testing procedures and receiving feedback. The work will be carried out in accordance with the methodological recommendations and deadlines collected by the Ministry of Economic Development,” explained Alexei Repik, chairman of Delovaya Rossiya.

In order for the standard’s tools to meet the needs of investors, the RANEPA will launch a special educational program “Managerial Excellence: Development of Regional Teams”. It is planned to train about 1,000 people per year. These are deputy governors, ministers, directors of departments, heads of departments, heads of municipalities.

Pilot regions shared their experience in implementing a new regional investment standard. Thus, in the Sakhalin Region, an investment development agency was created in the form of the Ministry of Investment Policy to help investors. It has become a one-stop shop for business.

“The agency accompanies the investor from the moment of application to the launch of the project, advising on all available issues and ensuring interaction with the authorities. Already today, over 120 investment projects that are being implemented in the Sakhalin Region are supported by the development agency. And business has a positive attitude towards this approach, primarily due to a significant reduction in the time for processing permits, the elimination of bureaucratic barriers,” Governor of the Sakhalin Region Valery Limarenko reported.

“The new investment standard is a real tool for building up investment potential. Bashkortostan is ready to introduce a system of support for new investment projects this year. We already have a successful practice in many components of the standard,” said Andrey Nazarov, Prime Minister of the Republic of Bashkortostan.

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

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