The 31st Session of the Foreign Investment Advisory Council in Russia (the “Session”) was held on 16 October 2016 and presided over by Council Chairman and Russian Prime Minister Dmitry Medvedev.

Those in attendance included the heads of some of the world’s largest corporations and banks.

The Foreign Investment Advisory Council in Russia (FIAC) provides ongoing support for the Russian government’s efforts to create a comfortable business environment, attract investments, and boost exports.

FIAC members have been active in developing proposals to improve the legal framework and facilitate the implementation of regulations supporting the business climate

In 2018, FIAC will focus on the following priority areas:

Formulation of proposals to use support infrastructure for small and medium-sized businesses to integrate Russian suppliers into global value chains.

Retention of tax concessions for movable property.

Development of proposals to improve the application of customs procedures pertaining to processing on customs territory in order to boost exports.

Formulation of proposals to optimize the work of authorized economic operators.

More involvement of FIAC member companies in evaluating the effectiveness of regulatory acts that affect the interests of entrepreneurs and other economic agents, taking into account risks identified at the regulatory impact assessment stage.

Development of proposals to improve the regulatory framework for management of production and consumption waste, including the alignment of conditions for regulated entities and setting balanced growth rates for recycling quotas.

Development of proposals to optimize the implementation of the system for electronic veterinary certification of controlled products.

Development of proposals to enhance state veterinary oversight of processed and packaged food products of animal origin that have undergone heat treatment or other processing

Formulation of proposals for the best way to promote a healthy lifestyle and a balanced diet among the population, as well as methods to prevent noncommunicable diseases.

Preparation of proposals to draft and adopt phytosanitary regulatory acts.

Development of proposals to improve the regulatory framework to implement investment projects to modernize generation equipment.

Formulation of proposals to improve the legal framework to facilitate the circulation of pharmaceuticals and medical goods, to enhance the effectiveness of tax breaks for localization of pharmaceuticals, including innovative products, to protect intellectual property rights, and to develop partnership relations with the scientific community

Development of proposals to improve export procedures for geological information.

Formulation of proposals to improve legislation on the provision of government services to foreign companies and their accredited branches

Development of proposals to enhance the criteria for qualifying credit institutions to hold state funds, funds of state corporations and funds of strategic companies, and to issue bank guarantees in favor of government bodies.

Development of proposals to improve innovation policy, including proposals to optimize software and component localization requirements, to support cooperation between educational institutions in training students to become highly qualified professionals, and to support the sustainable development of industrial production and the energy sector.

In 2018, FIAC will concentrate on these priority tasks, focusing its efforts on the primary goal: achieving an enhanced investment climate in Russia.

FIAC also plans to be active in areas such as Development of the Far East and Siberia and Improvement of Russia’s Investment Image.

As always, the Russian Government is welcome to draw on the expertise of FIAC members in its efforts to strengthen the Russian economy.

FIAC’s 32nd Plenary Session is to be held on the third Monday in October 2018.