Rossiiskaya Gazeta: "Smart investment in Russia"
Vladimir Putin promised to provide favourable conditions for foreign investment.
Prime Minister Vladimir Putin held a meeting with the Government Commission on Monitoring Foreign Investment on Monday.
According to the Central Bank, in the past 10 months, foreign direct investment reached $36 billion, in January-October 2010 the relevant figure was $32.2 billion.
"The increase is not big, but still noticeable," said Putin.
The prime minister recalled that they regularly hold different format meetings with foreign investors who show interest in working in Russia. The integration processes in the post-Soviet space is a common topic at the meetings, as beginning in 2012, Russia, Kazakhstan and Belarus will work in the Common Economic Space, which is based on World Trade Organisation (WTO) precepts.
Improvements that have been introduced in investment legislation have also helped to increase foreign investment in Russia. Several packages of amendments were approved by the Government Commission.
"Proposals were made to simplify and expand access of foreign companies in the food and medical industries, the banking sector and mined resources," said Putin. "Now all these proposals are becoming law, and next year business will be able to work in new, more conducive conditions."
Government officials reviewed eight new applications from foreign companies for deals involving strategic assets, including deals for mined resources, a reorganisation of the tire industry and several deals involving international organisations like the European Bank for Reconstruction and Development.
The prime minister spoke about one deal in detail. The French company Atos will provide information support for the Winter Olympics in Sochi and the World Cup. The company is planning to invest over 1.5 billion roubles in the development of information technology (IT) for the Olympic Games alone.
"This is a good example of high-tech cooperation," said Putin, "with smart capital and smart investment entering this country."
Igor Artemyev, the head of the Federal Anti-Monopoly Service, was supposed to present the main report. However he was absent.
"Where is Mr Artemyev?" asked Putin.
"He's on vacation," replied one of his colleagues.
Putin asked the deputy head of the Federal Anti-Monopoly Service, Andrei Tsyganov, to report on current issues and also on the results of the year's work.
After the meeting Tsyganov said, that the Commission had reviewed 136 applications for three years. Of those, 128 applications were approved while special obligations were required of 24 foreign investors.
The foreign investment environment in Russia is quite liberal, said Tsyganov.
"The Government Commission turned down only eight applications."
Legislative amendments are also aimed at making the investment system more liberal.
"New legislation on foreign investment involving strategic assets will come into effect next month," Tsyganov reminded everyone at the meeting. "Last Monday the law was published in Rossiiskaya Gazeta and will come into effect next month."
Meanwhile
On that same day, Deputy Prime Minister Igor Sechin held a meeting with the heads of oil companies. There are no objective reasons for the increases in oil product prices in the domestic market, and in some regions price increases are unjustified, said Sechin.
"We understand that sometimes companies can explain an increase with market influences, but if it is a dishonest scheme, or a misunderstanding of the situation, this should be reviewed," said Sechin.
After the meeting, the top-managers said there was no reason to worry about increasing prices for oil products.
Kira Latukhina
