VLADIMIR PUTIN
ARCHIVE OF THE OFFICIAL SITE
OF THE 2008-2012 PRIME MINISTER
OF THE RUSSIAN FEDERATION
VLADIMIR PUTIN
ARCHIVE OF THE OFFICIAL SITE
OF THE 2008-2012 PRIME MINISTER
OF THE RUSSIAN FEDERATION
VLADIMIR PUTIN
Summarising the 23rd Meeting of Russia's Foreign Investment Advisory Council
Prime Minister Vladimir Putin chaired the 23rd meeting of the Foreign Investment Advisory Council (FIAC) in Moscow on November 9, 2009.
As the meeting has stated, FIAC has demonstrated its effectiveness since its establishment in 1994. It is an essential tool to promote investment projects by pooling in the Russian Government's and foreign investors' efforts to improve the investment climate in Russia and streamline the acting legislation. The meeting has positively evaluated federal executive work to improve the terms of investment activities and involve Council members from among corporate managers and experts in this work.
The meeting has agreed that it is worthwhile to enhance the role of FIAC with respect to foreign investors and the Russian Government, and reform its key activities, taking its importance and experience into due consideration.
In conformity with foreign corporate investors' initiatives, the meeting deems it expedient for FIAC to proceed from the principles of shared interests, the necessity of guaranteed expert promotion and preparation of foreign investors' proposals to the Russian Government, and balanced approach to the encouragement and enhancement of foreign investment in Russia's pivotal economic sectors.
To hit the said targets, FIAC has determined to establish its Executive Committee. Its basic functions come as follows:
- analyses of foreign investors' problems and helping to settle them;
-
drawing relevant measures to implement FIAC decisions, coordination of
its working bodies' activities, monitoring the implementation of its
decisions and, when necessary, drawing reports about said activities to
the FIAC head;
- drafting decisions on changing FIAC membership on its rotation board's proposal;
- appointing organisations from among foreign corporate FIAC members
and relevant Russian federal executive bodies to be responsible for
FIAC basic activities; and
- analyses of initiatives of foreign corporate FIAC members and federal
and regional executive bodies concerning investment project
implementation in Russia, and analyses of differences of their opinions.
The Executive Committee is expected to consist of its Chairman (the
FIAC Deputy Chairman), representatives of permanent foreign FIAC
members, coordinators of priority activities, and representatives of
federal executive bodies involved in pivotal FIAC activities. A team
for the rotation of foreign corporate FIAC members will be attached to
the Executive Committee.
Said rotation will base on the principal qualitative and quantitative indices of involved companies' investments-in particular, investments into the key Russian economic sectors, from expert conclusions and other relevant materials concerning pivotal FIAC activities, and other criteria.
To streamline FIAC work, enhance its efficiency to the utmost, and
put an end to redundancy, the meeting has determined to replace the
present-day nine FIAC ad hoc teams by three or four to deal with
priorities for the schedule date (12 months), to be set every year
proceeding from national economic targets and the problems which
foreign investors deem essential. Representatives of federal executive
bodies will do this job together with experts of foreign corporate FIAC
members, proceeding from relevant international experience. The meeting
has appointed the following FIAC priorities for 2010:
- energy efficiency,
- technical regulations,
- labour efficiency,
- customs legislation and its implementation.
To support the FIAC reform, the Ministry of Economic Development is drawing a relevant bylaw to submit it to the federal Government.
The meeting participants express assurance that the approved principles of FIAC reform will provide a sound basis for further fruitful partnership.
