The CEO of the National Investment Agency “Invest in Russia” Yury Voicehovsky took part in the II International Winter Forum “Invest in Tatarstan- 2014”

07.03.2014

tatarstan4II International Winter forum «Invest in Tatarstan- 2014″ was held at the Ski Complex “Kazan” on 6-7 March. The forum was attended by about 450 people – leadership of the Republic and the Russian and foreign guests – representatives of 16 countries, including China, the UK, Italy, Qatar, UAE, USA as well as representatives from 11 regions of Russia.

Among VIP-guests arrived in Kazan were Executive Director of the World Association of Investment Promotion Agencies (WAIPA) Carlos Bronzatto, Chairman of the largest bank in Qatar ” Al Khaliji Bank” Sheikh Hamad Bin Khalifa, the Head of the National Investment Agency “Invest in Russia” Yury Voicehovsky as well as representatives of Ministry of Regional Development of Russia, Vnesheconombank, the European Bank for Reconstruction and Development, the Islamic Development Bank. At the event there were more than 50 accredited media.

According to Linar Yakupov, the Head of the Investment Promotion Agency of the Republic of Tatarstan (IPA) who spoke at the closing session of IPA, held during the International Forum “Invest in Tatarstan”,  the total investment in Tatarstan in fixed assets except budget has steadily increased since 2011 . In 2013 the investments amounted to 461 billion rubles. Foreign investment in 2013 totaled $893 million, of which $ 408 million – foreign direct investment. According to the plans of IPA by 2015 foreign investment will grow up to $2 billion, the same amount is planned for 2016.

Among negative factors Yakupov mentioned high energy tariffs and connection to utility networks, high construction costs and slow getting of permits, expensive raw materials and poor logistics services, high interest rates on loans. At the same time, in his opinion, many of the barriers can be eliminated only at the federal level.

The CEO of a recently created National Investment Agency “Invest in Russia” Yury Voicehovsky spoke about the activities of the Federal Government aimed at attracting foreign investments. In turn, the President of Tatarstan Rustam Minnikhanov who attended the Forum noted that federal authorities represented by Mr. Voicehovsky “should set up clear rules, so that the reputation of the whole country has not been spoiled by unfulfilled promises to investors from particular regions of the Russian Federation”.

Chairman of the Union of Chinese businessmen in Russia Guiju Cai proposed the establishment of Chinese private investment fund in Tatarstan that would finance various projects in the country, particularly in the field of agriculture.

Summarizing the conversation at the Forum, Rustam Minnikhanov promised that investors of Tatarstan Club will meet once a quarter with his participation, and noted that the Republic has a number of potential investors, but needs clear, understandable and organized actions towards the formation of the investment attractiveness of the region and, according to the President of Tatarstan, it should become one of the competitive advantages of the country.

Talking about the challenges faced by IPA, Mr. Minnikhanov noted that 85% of foreign direct investment were coming into the country from five countries. “At the same time, we are not yet working well with Southeast Asia, the Arab world, China” – he said. In this case as an example Minnikhanov mentioned Turkey, which just over a few years has become a leader on foreign direct investment in Tatarstan.