“As a matter of fact, a new mechanism has been created and tested for attracting foreign investment and granting foreign companies access to operate in strategic sectors of the Russian economy. Since it was formed four years ago, the commission has considered more than 140 applications from foreign companies and investors. An overwhelming majority of those applications (94%) has been approved. Only in eight cases have the applications been turned down, and always for good reason. None of the rejections has been disputed or appealed against.”
“To join the world’s top 20 countries in terms of investment climate, we must cut the number of permits from 51 to 7 and the period during which businesses receive such permits from 423 to at least 35. I suggest that we use the best global practices to accelerate the coordination of design documents and to radically simplify all of the coordination procedures and the issue of construction permits.”
“Entrepreneurial talent is Russia’s most important resource. We must pave the way for a new generation of business by creating an optimal investment climate in Russia and the best corporate and anti-monopoly laws and by removing barriers to access to the market for new companies.”
“This year we have done much to improve our investment legislation. During the commission’s meetings, we approved several packages of amendments that are designed to streamline monitoring procedures and the process of reviewing applications from foreign investors. Proposals were made to simplify and expand access of foreign companies to the food and medical industries, the banking sector and subsurface resources. Now all these proposals are becoming law and next year business will be able to work in new, more comfortable conditions.”
“In their preliminary estimate, in the past 10 months of this year direct foreign investment in Russia reached $36 billion. <…> Our task now is to create favourable conditions for the flow of direct foreign investment into key branches of the Russian economy, including strategic ones.”
“The Central Bank of Russia estimates that the Russian economy has received about $31 billion worth of direct investment in January-September 2011. This is 20% more than in 2010. <…> Against the backdrop of today’s complicated global economic situation, our objective is to create the best investment climate we can to promote an influx of capital and its protection. This would allow investors to feel comfortable and to perceive our support and protection. This is the only way for us to win the competition in attracting capital.”
“For 17 years, the Foreign Investment Advisory Council has undoubtedly established itself as an effective and authoritative partnership between the government of the Russian Federation and our esteemed foreign colleagues and the foreign business community. The council has earned a reputation not only for collecting information about issues pertinent to the Russian economy, which is important by itself; it also plays a direct and active role in forming the business climate in the Russian Federation, conducts investigations and analysis, and formulates clear recommendations – first and foremost, recommendations to the Russian government agencies at various levels.”
“I would like to highlight that many foreign investors regard our council as a kind of gauge of the Russian business climate, and the opinion of the council members about working in Russia is often the deciding factor in the decisions of our partners on whether to launch a new business or invest in a particular project in the Russian Federation.”
“It is absolutely obvious that if we want to make our country attractive for investors, we must minimise the risks in terms of finances and administrative procedures. Political stability and predictable political decisions are as important as macroeconomic stability.”
“In general, we will assist our scientists, engineers and innovation business by providing them with orders from major government corporations. In other words, we will create a market for them. This year 46 state companies will launch innovation programmes worth a total of 700 billion roubles, and will double their funding after two years.”
“The Russian Direct Investment Fund was founded to support big programmes of both foreign and Russian businesses. Leading representatives of the global investment community have agreed to join its international expert council. The fund has already received over $2 billion; its capital is projected to reach $10 billion in five years.”
“Russia needs to create all the necessary conditions for smart investments both in manufacturing and in high-tech development, so we need to expand freedom for bona fide entrepreneurial activities and to support those with clear and useful initiatives, which seek not to make a one-time profit, but to improve the quality of life of individual towns, cities and entire regions, while at the same time making profit from their economic activities, of course.”
“According to preliminary estimates of the Bank of Russia, the Russian economy has received over $27 billion in foreign direct investment (FDI) in the first six months of 2011. <…>Our main task now is to maintain this positive trend, while focusing on the quality of long-term investment to ensure that it is accompanied by new technology and innovations and the creation of modern enterprises and well paid high-tech jobs. I am confident that we are capable of reaching $60-$70 billion a year in foreign direct investment – I repeat, $60 to $70 billion a year – and achieving a positive balance between capital inflow and outflow in general.”
“We intend to draw up a ranking of the most attractive regions from an investment standpoint every year. The ranking will be based on the number of jobs created, the number of new enterprises started, the amount of investments brought in. These objective figures ought to become one of the key criteria for assessing governors' performance. And I believe that we need to introduce such assessment criteria at the municipal level as well.”
“We discussed our plans to bring down bureaucratic barriers and to improve government services for citizens and businesses. This also relates to streamlining the regulations for foreign investors in the strategic sectors of Russia’s economy. We need to get rid of inefficient or obviously excessive procedures and create the most favourable environment for companies that want to invest and put their expertise and resources in our economy.”
“It is especially important that foreign partners come to us with their long-term projects and invest money in Russian businesses and new facilities. According to preliminary data, foreign direct investment in Russia totalled more than $40 billion in 2010. Comparing this amount with 2009, we see a certain increase.”
“In conclusion, I would like to emphasise that we need to step up efforts to attract foreign investment to Russia’s economy. This is a task both for federal and regional authorities. And as soon as possible we need to reach the pre-crisis level of foreign direct investment per year – between $60 and $70 billion. Having done this, we will have to continue to build on our efforts and raise this bar even higher.”
“I can add that we will also keep improving investment legislation, and so I ask the Federal Anti-Monopoly Service to expedite the submission to the government of the second package of amendments for simpler procedures with foreign investors in the strategic sectors. Our objective now is to encourage investment activity as much as we can, making it a key factor in re-establishing the national economy. Foreign direct investments will play a big role here, of course. Russia should be an attractive long-term strategic investment destination.”
“We need direct foreign investment. And not just capital but so-called smart investment that requires a technology transfer and the creation of new quality jobs. Russia is open to foreign investment. At the same time, investment in non-strategic sectors requires no coordination. As far as strategic sectors are concerned, the authorisation procedures will be simplified considerably, just like we had agreed.”
“Only large private investments will allow us to attain the strategic goals of modernising the country, and not only in those sectors where business has long been actively progressing but also in the sectors that the government dominated until recently, in particular in the social sphere, in infrastructure and in strategic industries. No government action, budget resources or administrative decisions can replace the painstaking daily work of private businesses. It is the work of businesses that is changing the nature of our economy day by day, giving it a new, innovative face. Hundreds and even thousands of projects are implemented every year, and investments have reached tens of billions of dollars.”