The Federal Anti-Monopoly Service is encouraging foreign companies to invest more into strategic industries.
Prime Minister Vladimir Putin reports on the work of the government’s Foreign Investment Oversight Commission over the past four years
During this period the commission has considered over 140 applications from foreign companies and investors. The overwhelming majority (94%) have been approved. Only eight applications have been turned down, and always for good reason. None of the rejections have been disputed or appealed against.
“As a matter of fact, a new system has been created and tested for attracting foreign investment and granting foreign companies access to operate in strategic sectors of the Russian economy,” Putin said.
He added that over $33 billion in foreign investment has brought into strategic sectors over the last four years. The procedure for considering investor applications has been changed dramatically and foreign companies have now gained wider access to the food, medical and mining industries, as well as to the banking sector, he explained.
Putin stated that the Federal Anti-Monopoly Service (FAS) is now preparing a whole package of amendments aimed at easing the formalities involved and reducing the review period for bids from foreign investors. The idea behind all these changes is to encourage foreign entrepreneurs to implement new projects in strategic sectors of the Russian economy, he explained.
As an example, Putin quoted a proposal the commission reviewed the day before – to set up a Russian-Italian joint venture for the manufacture of commercial helicopters and the setting up of training centres for personnel.
“Over $52 billion in direct investment came into the Russian economy from abroad in 2011, very close to pre-crisis levels. It is important for us to consolidate this level of investment,” Putin said.
“This was an unusual meeting,” FAS CEO Igor Artemyev told journalists. “It was attended in the same numbers as a government session.”
In total, the commission reviewed 12 issues, he said. In addition to the project Putin mentioned, the commission discussed the advent of the world famous Singaporean airport managing company to Sochi, Anapa and Krasnodar, as well as a large number of TNK-BP deals, Artemyev said.
Amendments closing several legal loopholes regarding strategic acquisitions will be drafted in the near future. Some companies temporarily suspend their state secret license in order to say that the company can be bought, Artemyev explained. “However, later on they will buy the license again anyway. In general, the FAS should look into every case – who the foreign investors are and what are the documents which they have submitted… Some believed they had found a shortcut but this is not the right way of going about things. We have picked up on these tricks,” he reported.
Kira Latukhina
The Federal Anti-Monopoly Service is encouraging foreign companies to invest more into strategic industries.
Prime Minister Vladimir Putin reports on the work of the government’s Foreign Investment Oversight Commission over the past four years
During this period the commission has considered over 140 applications from foreign companies and investors. The overwhelming majority (94%) have been approved. Only eight applications have been turned down, and always for good reason. None of the rejections have been disputed or appealed against.
“As a matter of fact, a new system has been created and tested for attracting foreign investment and granting foreign companies access to operate in strategic sectors of the Russian economy,” Putin said.
He added that over $33 billion in foreign investment has brought into strategic sectors over the last four years. The procedure for considering investor applications has been changed dramatically and foreign companies have now gained wider access to the food, medical and mining industries, as well as to the banking sector, he explained.
Putin stated that the Federal Anti-Monopoly Service (FAS) is now preparing a whole package of amendments aimed at easing the formalities involved and reducing the review period for bids from foreign investors. The idea behind all these changes is to encourage foreign entrepreneurs to implement new projects in strategic sectors of the Russian economy, he explained.
As an example, Putin quoted a proposal the commission reviewed the day before – to set up a Russian-Italian joint venture for the manufacture of commercial helicopters and the setting up of training centres for personnel.
“Over $52 billion in direct investment came into the Russian economy from abroad in 2011, very close to pre-crisis levels. It is important for us to consolidate this level of investment,” Putin said.
“This was an unusual meeting,” FAS CEO Igor Artemyev told journalists. “It was attended in the same numbers as a government session.”
In total, the commission reviewed 12 issues, he said. In addition to the project Putin mentioned, the commission discussed the advent of the world famous Singaporean airport managing company to Sochi, Anapa and Krasnodar, as well as a large number of TNK-BP deals, Artemyev said.
The Federal Anti-Monopoly Service is encouraging foreign companies to invest more into strategic industries.
Prime Minister Vladimir Putin reports on the work of the government’s Foreign Investment Oversight Commission over the past four years
During this period the commission has considered over 140 applications from foreign companies and investors. The overwhelming majority (94%) have been approved. Only eight applications have been turned down, and always for good reason. None of the rejections have been disputed or appealed against.
“As a matter of fact, a new system has been created and tested for attracting foreign investment and granting foreign companies access to operate in strategic sectors of the Russian economy,” Putin said.
He added that over $33 billion in foreign investment has brought into strategic sectors over the last four years. The procedure for considering investor applications has been changed dramatically and foreign companies have now gained wider access to the food, medical and mining industries, as well as to the banking sector, he explained.
Putin stated that the Federal Anti-Monopoly Service (FAS) is now preparing a whole package of amendments aimed at easing the formalities involved and reducing the review period for bids from foreign investors. The idea behind all these changes is to encourage foreign entrepreneurs to implement new projects in strategic sectors of the Russian economy, he explained.
As an example, Putin quoted a proposal the commission reviewed the day before – to set up a Russian-Italian joint venture for the manufacture of commercial helicopters and the setting up of training centres for personnel.
“Over $52 billion in direct investment came into the Russian economy from abroad in 2011, very close to pre-crisis levels. It is important for us to consolidate this level of investment,” Putin said.
“This was an unusual meeting,” FAS CEO Igor Artemyev told journalists. “It was attended in the same numbers as a government session.”
In total, the commission reviewed 12 issues, he said. In addition to the project Putin mentioned, the commission discussed the advent of the world famous Singaporean airport managing company to Sochi, Anapa and Krasnodar, as well as a large number of TNK-BP deals, Artemyev said.
Amendments closing several legal loopholes regarding strategic acquisitions will be drafted in the near future. Some companies temporarily suspend their state secret license in order to say that the company can be bought, Artemyev explained. “However, later on they will buy the license again anyway. In general, the FAS should look into every case – who the foreign investors are and what are the documents which they have submitted… Some believed they had found a shortcut but this is not the right way of going about things. We have picked up on these tricks,” he reported.
The Federal Anti-Monopoly Service is encouraging foreign companies to invest more into strategic industries.
Prime Minister Vladimir Putin reports on the work of the government’s Foreign Investment Oversight Commission over the past four years
During this period the commission has considered over 140 applications from foreign companies and investors. The overwhelming majority (94%) have been approved. Only eight applications have been turned down, and always for good reason. None of the rejections have been disputed or appealed against.
“As a matter of fact, a new system has been created and tested for attracting foreign investment and granting foreign companies access to operate in strategic sectors of the Russian economy,” Putin said.
He added that over $33 billion in foreign investment has brought into strategic sectors over the last four years. The procedure for considering investor applications has been changed dramatically and foreign companies have now gained wider access to the food, medical and mining industries, as well as to the banking sector, he explained.
Putin stated that the Federal Anti-Monopoly Service (FAS) is now preparing a whole package of amendments aimed at easing the formalities involved and reducing the review period for bids from foreign investors. The idea behind all these changes is to encourage foreign entrepreneurs to implement new projects in strategic sectors of the Russian economy, he explained.
As an example, Putin quoted a proposal the commission reviewed the day before – to set up a Russian-Italian joint venture for the manufacture of commercial helicopters and the setting up of training centres for personnel.
“Over $52 billion in direct investment came into the Russian economy from abroad in 2011, very close to pre-crisis levels. It is important for us to consolidate this level of investment,” Putin said.
“This was an unusual meeting,” FAS CEO Igor Artemyev told journalists. “It was attended in the same numbers as a government session.”
In total, the commission reviewed 12 issues, he said. In addition to the project Putin mentioned, the commission discussed the advent of the world famous Singaporean airport managing company to Sochi, Anapa and Krasnodar, as well as a large number of TNK-BP deals, Artemyev said.
Amendments closing several legal loopholes regarding strategic acquisitions will be drafted in the near future. Some companies temporarily suspend their state secret license in order to say that the company can be bought, Artemyev explained. “However, later on they will buy the license again anyway. In general, the FAS should look into every case – who the foreign investors are and what are the documents which they have submitted… Some believed they had found a shortcut but this is not the right way of going about things. We have picked up on these tricks,” he reported.
The Federal Anti-Monopoly Service is encouraging foreign companies to invest more into strategic industries.
Prime Minister Vladimir Putin reports on the work of the government’s Foreign Investment Oversight Commission over the past four years
During this period the commission has considered over 140 applications from foreign companies and investors. The overwhelming majority (94%) have been approved. Only eight applications have been turned down, and always for good reason. None of the rejections have been disputed or appealed against.
“As a matter of fact, a new system has been created and tested for attracting foreign investment and granting foreign companies access to operate in strategic sectors of the Russian economy,” Putin said.
He added that over $33 billion in foreign investment has brought into strategic sectors over the last four years. The procedure for considering investor applications has been changed dramatically and foreign companies have now gained wider access to the food, medical and mining industries, as well as to the banking sector, he explained.
Putin stated that the Federal Anti-Monopoly Service (FAS) is now preparing a whole package of amendments aimed at easing the formalities involved and reducing the review period for bids from foreign investors. The idea behind all these changes is to encourage foreign entrepreneurs to implement new projects in strategic sectors of the Russian economy, he explained.
As an example, Putin quoted a proposal the commission reviewed the day before – to set up a Russian-Italian joint venture for the manufacture of commercial helicopters and the setting up of training centres for personnel.
“Over $52 billion in direct investment came into the Russian economy from abroad in 2011, very close to pre-crisis levels. It is important for us to consolidate this level of investment,” Putin said.
“This was an unusual meeting,” FAS CEO Igor Artemyev told journalists. “It was attended in the same numbers as a government session.”
In total, the commission reviewed 12 issues, he said. In addition to the project Putin mentioned, the commission discussed the advent of the world famous Singaporean airport managing company to Sochi, Anapa and Krasnodar, as well as a large number of TNK-BP deals, Artemyev said.
Amendments closing several legal loopholes regarding strategic acquisitions will be drafted in the near future. Some companies temporarily suspend their state secret license in order to say that the company can be bought, Artemyev explained. “However, later on they will buy the license again anyway. In general, the FAS should look into every case – who the foreign investors are and what are the documents which they have submitted… Some believed they had found a shortcut but this is not the right way of going about things. We have picked up on these tricks,” he reported.
Amendments closing several legal loopholes regarding strategic acquisitions will be drafted in the near future. Some companies temporarily suspend their state secret license in order to say that the company can be bought, Artemyev explained. “However, later on they will buy the license again anyway. In general, the FAS should look into every case – who the foreign investors are and what are the documents which they have submitted… Some believed they had found a shortcut but this is not the right way of going about things. We have picked up on these tricks,” he reported.