Saturday, June 23, 2018

Sverdlovsk region leader in implementing measures to boost investment attractiveness

Russian Presidential aide Igor Levitin praised the Sverdlovsk region for being a national leader in investment banking reform and creating the most robust banking standards for its implementation of investment attractiveness.

"To business believed us, and we were able to achieve transparency of tender procedures, receiving federal, regional and bank funds, it is necessary to develop the standards," Levitin said, according to Pravda. "This work was carried out in each region, but only half of the subjects of the Russian Federation [participated]. In this regard, the Urals Federal District is a leader among other federal districts, Sverdlovsk region-- among the regions."

The Sverdlovsk region's investment attractiveness efforts have been spearheaded by a group of regional officials as well as area business leaders.

One of the most active business leaders in the effort has been Strategic Initiatives Agency CEO Andrei Nitikin who has worked to secure private funding for the region's technology parks, business incubators and other business infrastructure development programs throughout the Sverdlovsk region, Pravda reports.

"Today we face a new challenge-- a deep modernization of the industrial base of the region, strengthening inter-regional cooperation, implementation of the program of import substitution, creating conditions for business growth," Sverdlovsk regional Governor Yevgeny Kuyvashev during a meeting with Nitikin, according to Pravda. "But we believe that further development of existing financial instruments today is not enough. One of the main issues to be addressed is the need for major infrastructure projects in the 'long' money. This need is due to a long payback period."

To enhance the region's attractiveness to investors event further, Kuyvashev and Nitkin's teams will next focus their efforts on reforming legislation related to investing including the development of a deferred payment mechanism and tax refunds for entrepreneurs.

"Changes in legislation will expand the power of subjects, continue to raise the investment potential and the competitiveness of regions, to attract new investors to create new jobs," Kuyvashev said, Pravda reports. "In this regard, we consider it important [the] early adoption of the proposed amendments to the legislation and the establishment of an appropriate regulatory framework for their implementation."