The Ministry of Regional Development of the Russian Federation, the Russian Investment Agency “Invest in Russia” and the World Association of Investment Promotion Agencies WAIPA cemented their relations by signing the Memorandum of Cooperation
As part of the 19th annual World Investment Conference in Istanbul the Minister of Regional development of Russian Igor Slyunyaev and the President of the World Association of Investment Promotion Agencies Ilker Ayci signed the Memorandum of Cooperation between the Ministry of Regional Development of the Russian Federation and the World Association of Investment Promotion Agencies WAIPA. The memorandum was also signed by the President of the Russian Investment Agency “Invest in Russia” Yury Spiridonov and the Chief Executive Officer of the World Association of Investment Promotion Agencies Carlos Bronzatto.
The memorandum was signed in order to further expand bilateral cooperation in the field of socio-economic development of the Russian Federation, including in the field of investment.
Under the Memorandum, the parties will collaborate in the following areas:
– Attracting investments in regions of the Russian Federation;
– Exchange of experience in the field of investment in the regions of the Russian Federation;
– Exchange of experience in implementing the investment policies in the Russian Federation;
– Exchange of experience in increasing the investment attractiveness of the Russian Federation;
– The exchange of practice in the development of innovative sphere in regions of the Russian Federation and investment promotion agencies – members of the Association;
– Promoting the establishment and development of contacts through the conclusion and implementation of cooperative agreements;
– Exchange of experience in organizing and holding international exhibitions.
In order to develop mutual and fruitful cooperation the Ministry of Regional Development of Russia and WAIPA agreed to regularly evaluate the results of cooperation and to develop proposals for its further development. As required, there will be consultations of experts on issues of cooperation.
The text of the memorandum emphasizes that the development of the relations between the Russian Federation and International Investment Organizations is one of the key elements in order to strengthen the country’s international reputation and increase its investment attractiveness.
After the signing of the Memorandum Igor Slyunyaev, Yury Spiridonov and Carlos Bronzatto with colleagues held talks on the implementation of the document.
Partnership with the World Association of Investment Promotion Agencies WAIPA, which includes more than 244 investment promotion agencies from 164 countries, will contribute to providing a greater degree of integration of the Russian regions in the international investment community, to building a long-term strategy and to ensuring growth of investments in the national economy.
The WAIPA members in 2013 raised more than $1.4 trillion in foreign direct investment, of which over 60 % was raised by developing countries. Russia has significant potential in this regard.