“Invest in Russia” agency launched at MIPIM!
As part of the jubilee 25th International Exhibition MIPIM- 2014 (Cannes, France), where Russia is the “country of honor” this year, an international conference “Invest in Russia” was held. The conference was organized jointly by the Ministry of Regional Development of the Russian Federation, the National Investment Agency ” Invest in Russia ” and the World Association of Investment Agencies (WAIPA).
The Deputy Minister of Regional Development of Russia Svetlana Ivanova made a welcoming speech to the audience. Moderator of the conference was the Executive Director of the National Investment Agency “Invest in Russia” Yury Voicehovsky.
– In order to win the competition for foreign capital the authorities at all levels are currently making great effort. The Government of the Russian Federation approved and implemented 9 “road maps” to improve the business climate in the construction, connection to the energy networks, customs regulation and other areas. “Roadmaps” contain more than 400 events up to 2018 and are aimed at simplifying administrative procedures, reducing costs and their timing. Investment laws are also being improved – noted in his speech Svetlana Ivanova.
As a result of these efforts the following indicators should be mentioned: in the 2013 Russia has seen a substantial increase in foreign direct investment (FDI). In total in 2013 the Russian economy received $170.2 billion of foreign investments, which is 10.1 % more than in 2012. Foreign direct investments amounted to $26.1 billion, an increase by 40% in comparison with 2012. More than half of the investments – 52.8% – were directed to the manufacturing industry and only 7% – to mineral extraction.
– Many foreign investors do not see the real potential of our regions and sectors of the national economy. Not all the regions of the Russian Federation have sufficient experience and qualifications to work with foreign partners. In this regard, the Ministry of Regional Development of the Russian Federation on the basis of their functions, responsibilities and knowledge of regions of the Russian Federation, offers itself as a platform for attracting investments into the Russian regions – said Svetlana Ivanova to the Conference participants, representing the National Investment Agency “Invest in Russia” established with the participation of Ministry of Regional Development.
Participants of the Conference noted that Russia faces the important task of continuing economic growth and modernization of the economy, and significant increase of FDI is of paramount importance for the implementation of this task.
Up to now, practically every subject out of 83 subjects of the Russian Federation has already created or is in the process of creation of a specialized investment promotion agency, as well as is already taking effort in order to improve the investment climate.
The Head of WAIPA Carlos Bronzatto, who participated in the Conference, welcomed the newly established Agency, and talked about the latest trends in the field of investment. «WAIPA and its members will render all necessary institutional support to its new partner in Russia”, – said Mr. Bronzatto.
The Conference presented the investment potential of the Republic of Tatarstan, Kaluga, Tula, Kaliningrad, Rostov and Tomsk regions. Speakers of the Conference noted the timeliness of the Agency creation as an effective tool for organizing the work of all regional agencies of Russian Federation, and a platform for interaction with institutional investors.
The Head of company «Hines» – one of the largest investors in the commercial real estate sector in Russia – Lee Timmins spoke about the successful experience in Russia and plans to further expand the business. Managing Partner of «Cushman & Wakefield» Sergei Ryabokobylko in his speech mentioned the benefits and attractiveness of the Russian real estate market. The Head of «Urban Land Institute» Joe Montgomery focused on the international experience, which is used in Russia in the field of urban and regional planning.
The Conference “Invest in Russia” was the catalyst of interest of foreign participants of MIPIM 2014 to the new Russian National Investment Agency. Within MIPIM- 2014 the Agency conducted a series of bilateral meetings with investors from France, Germany, Austria, UAE, Kuwait, Turkey, Brazil, the UK and other countries, having outlined plans for further cooperation.
About the Agency.
The National Investment Agency “Invest in Russia” was established in December 2013 under the auspices of the Ministry of Regional Development of the Russian Federation and in cooperation with the World Association of Investment Agencies (WAIPA).
Its main goals are:
- Attracting foreign investment in the Russian economy by facilitating foreign investors in entering the Russian market;
- Promotion of investment opportunities and business image of Russia by making an effective system of communication and interaction with the international investment community.
Working closely with the Ministry of Regional Development and Regional Investment Agencies, the Agency creates a platform for “investor -region” interaction at the Federal level as well as forms a unique center of information on all regions, ongoing projects and investors interested in projects in the Russian Federation.
The main task of the Agency is to function as a single Customer Center, which serves for foreign investors as a source of extensive information about the investment potential of Russian regions, ongoing projects, new investment opportunities, as well as a tool to create favorable conditions for foreign companies to enter the Russian market.
Chairman of the Supervisory Board of the Agency – Regional Development Minister Igor N. Slyunyaev;
President – Yury V. Spiridonov;
Chief Executive Officer – Yury M.Voicehovsky.