A meeting of the Association of Regional Investment Promotion Agencies was held in Moscow
A meeting of the Association of Regional Investment Promotion Agencies attended by the heads of investment promotion agencies and corporations of the subjects of the Russian Federation was held on 28th of January, 2015 at the Moscow Stock Exchange.
The main theme of the meeting, which was attended by representatives of 45 regions of Russia, as well as Turkey, Malaysia and Macedonia, was to discuss the role of investment agencies and development corporations in the current economic situation and new mechanisms for attracting investment.
The structure of the Association of Regional Investment Promotion Agencies was established in 2014 as a platform for building relationships between the regional agencies of the Russian Federation and international players and investors. In 2014, the Association co-organized a number of activities on public-private partnership (PPP), in association with regional development institutions and international partners. As a rule, a platform for such discussions were major Russian and international forums. In the current year it is planned to hold a major forum on the PPP, as well as several business missions in Russia and in other countries.
The President of the Association of Regional Investment Promotion Agencies Linar Yakupov and the Chief Executive Officer of the Russian Investment Agency Yury Voicehovsky identified a number of topical issues of today. The economic situation in the country and the world creates opportunities for the development of the Association as a serious platform for building relationships between the regions which have information resource and a lobbying tool of development institutions in the regions of the country and abroad. It is important that development institutions are perceived as one of the key mechanisms of interaction with investors, supporting and promoting the interests of business opportunities in a given region. They should not only be active in working with investors, but also in promoting the export potential of their regions. It is necessary to properly form a mechanism for the effective functioning of the Association, actively involve in its work regional investment agencies, set up a platform for coordination and interagency cooperation, working with local and international businesses.
Colleagues from foreign investment agencies in their reports emphasized the prospects for further cooperation with the Russian Federation. The head of the Turkish ISPAT (The Investment Support and Promotion Agency of Turkey) Edward Zubairov talked about the practice of working with the Republic of Tatarstan, which successfully logged in and develop a number of Turkish companies. One of them – Kastamonu Integrated – today is seen as its second site in Kaluga region.
“The first thing that excites Turkish investor – is the interest in working with him from the leadership of the region – shared his opinion Mr. Zubairov, – In the Republic of Tatarstan we found all these. Plus the presence of important industrial areas with already prepared infrastructure and tax incentives, as was the case with the SEZ “Alabuga”.
Of the industries that are of interest to the Turkish business Zubairov called wood processing, agriculture, real estate, hotels, textiles, automotive industry.
The head of the Malaysian Development Corporation of Foreign Trade (MATRADE) in Moscow Zainuddin Bin A Jalil said that the Malaysian business has been successfully working on the Russian market for several years. In particular, the Malaysian investors are among the largest investors in the Far East. The representative of Malaysia said that despite the fact that the main direction for Malaysian companies has traditionally been the trade, investors are interested in projects in the field of woodworking, aerospace and high technology.
Another guest of the discussion – the former head of the World Association of Investment Promotion Agencies (WAIPA) Carlos Bronzatto, noted a number of key aspects of the work of any investment agency: focus on results, steps to improve their work, cooperation with regional authorities, compulsory providing feedback to the investor and active promotion of their own investment opportunities.
A special session of the meeting of the Association was devoted to discussion of new mechanisms for attracting investments. There were presentations by the Fund for investment in agriculture from the Group of Companies “Trinfiko”, by the Troubled Assets Fund “Nord Group”, by “Moscow Exchange”, by the Development Fund for Islamic Business and Finance (IBFD Fund) on the prospects of Russia’s Islamic securities “sukuk”.
A report on the role of regional forums and their associations in order to improve the efficiency of cooperation and investment attractiveness was made by the CEO of the electronic periodical “Capital of the country” Elena Ivkina.
A representative of the Agency “Invest in Macedonia” Svetlana Bilovska spoke about the need to develop within the structure of the regional investment promotion agencies also the competence of export promotion.
At the debate, which completed the meeting of the Association, the discussion went around the immediate plans of the organization: the form of effective interaction between regional investment agencies and development corporations, the formation of the base, where all development institutions could be represented, worked jointly to attract investment projects, and coordinated investment processes within countries. Each of the participants has made their constructive suggestions, which in no time will be combined into a single list of goals and objectives, and included in the plan of concrete steps of the Association for the near future.
One of the important issues raised during the discussions was the need for active participation of all members of the Association in determining its priorities and in developing long-term strategy of the Association, focused on the interests of the regions and the promotion of regional projects. For more efficient operational work of the Association the online platform will be launched soon.
For the record
The Association of Regional Investment Agencies is a platform for interaction and exchange between all institutions to attract investments in the Russian Federation, investment coordination between the Federal center and the regions, as well as the integration of regional agencies in the international investment community. The organizations representing more than half of Russia’s regions have become members of the Association during the first year of its work.
The Association assists in providing information to investors about the investment potential of Russia and its regions, about state programs to support investors, about the priorities for investment in sectors of the Russian economy and especially investment in sectors of particular regions. The Association also helps its members in the provision of services for the development of relations with Russian and foreign investors and investment agencies.