(Moscow, 17 October 2016)
The 30th Session of the Foreign Investment Advisory Council in Russia (the “Session”) was held on 17 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 companies and banks.
The Foreign Investment Advisory Council in Russia (FIAC) provides ongoing support for the Russian government’s efforts to create favorable conditions for business and improve the investment climate in Russia.
During the 30th Anniversary Session, FIAC members pointed out improvements in Russia’s business environment resulting from joint efforts, as evidenced by its progressively higher rankings in the World Bank’s Ease of Doing Business index.
In 2017, FIAC will focus on the priority areas described below.
Develop proposals for improving the mechanisms of implementing extended producer responsibility (EPR) for management of waste from consumption in Russia.
Enhance further the regulation of wastewater disposal and develop realistic limits on the discharge of pollutants into sewer mains and bodies of water based on international experience.
Increase exports of high value added goods by generating incentives for the voluntary integration of small and medium-sized businesses into the global supply chains of large companies.
Develop proposals for implementing a risk-oriented approach to control and supervision.
Develop proposals for improving the customs procedure of processing in the customs territory to encourage the production of non-commodity goods for export, and the customs procedure of processing for domestic consumption to enhance domestic manufacturing potential and import substitution.
Simplify the procedure for refunding advance payments and overpaid customs duties.
Harmonize customs administration for foreign trade with the provisions of the new Customs Code of the Eurasian Economic Union.
Improve the veterinary regulation to minimize unreasonable costs and risks in processing veterinary supporting documents, including e-documents.
Draft proposals to promote investment in generation equipment upgrades and new power distribution grids.
Develop measures to support primary agro processing.
Improve the application of the framework that underlies processing for domestic consumption, and stimulate the export of finished goods.
Improve the procedure for the unilateral closure of bank accounts by credit institutions.
Develop proposals to ease restrictions on depositing the funds of state-owned companies, corporations and the federal budget and state non-budgetary funds with credit institutions.
Draft proposals to encourage innovation and integration with the National Technology Initiative, particularly in transportation and renewable energy.
Propose improvements to the environmental assessment regulations relating to oil spill response plans.
Develop proposals to increase production localization, protect intellectual property rights, and promote cooperation in science and research, etc.
FIAC also plans to be active in areas such as the Development of the Far East and Siberia, Improvement of Tax Administration and Improvement of Russia’s Investment Image.
In 2017 FIAC members will continue to work with concerned federal executive bodies and executive bodies of Russian constituent entities on the 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 31st Plenary Session is to be held on the third Monday in October 2017.