COMMUNIQUE of the 29th Session of the Foreign Investment Advisory Council in Russia

(Moscow, 19 October 2015)

The Twenty-Ninth Session of the Foreign Investment Advisory Council in Russia (the "Session") was held on 19 October 2015 and presided over by the council's chairman, Russian Prime Minister Dmitry Medvedev.

Those in attendance included the heads of some of the world's largest companies.

The Foreign Investment Advisory Councilin Russia (the "FIAC") provides ongoing support for the Russian government's efforts to create favorable conditions for business and improve the investment climate in Russia.

FIAC members noted the results that have been achieved in making Russia a better place to do business.

In 2016 FIAC will focus on the following priority areas:

Administrative barriers and technical regulation

Improved regulatory mechanisms for drainage and industrial wastewater treatment between centralized drainage systems and their users as well as realistic standards for discharges of pollutants into centralized drainage systems and bodies of water, based on international experience.

Additional proposals to reduce the administrative and fiscal burden on business, including aspart of the Russian government's efforts to impose a moratorium on non-tax payments in the medium term.

Making products and services more competitive by improving the overall productivity per unit of output in Russia,based on the efficient regulation of human resources.

Improvement of customs law

Proposals to improve the customs procedure of processing in the customs territory in order to encourage the production of noncommodity goods for export and to improve the customs procedure of processing for domestic consumption in order to enhance domestic manufacturing potential and import substitution.

Financial institutions and capital markets

Proposals for the development of the Russian financial market.

Trade and the consumer sector

Proposals to further implement and improve the system of manufacturer's/importer's responsibility for recycling product (consumer packaging) waste.

Improved veterinary regulation and enhanced electronic procedures for processing veterinary supporting documents.

Proposals to improve phytosanitarylaw in Russia and lay the groundwork for balanced growth in output of agricultural raw materials and processed goods.

Proposals to regulate relations between manufacturers and retail networks, creating conditions to encourage self-regulation in the sector.

Energy efficiency

Proposals to improve the regulation of construction and create a set of economic incentives for energy-efficient technologies and materials in order to reduce energy consumption in residential, public and industrial buildings.

Health care and pharmaceuticals

Proposals for mechanisms to encourage the local production of innovative pharmaceuticals and medical goods.

Localization of production in Russia

The creation of favorable conditions for expanded business ties with Russian suppliers of industrial and agricultural products and for joint investment projects to increase the share of local production by foreign companies in Russia.

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

In view of these priorities, in 2016 FIAC members will continue to work with concerned federal executive bodies and executive bodies of Russian constituent entities on priority tasks and areas.

The Russian government has expressed its readiness to make use of FIAC's expert potential in efforts to make the Russian economy more competitive.

FIAC's thirtieth session is scheduled for the third Monday of October 2016.