OREANDA-NEWS. November 29, 2011. The Prime Minister said at the meeting that direct foreign investment in the Russian economy has grown noticeably over the past 10 months compared to last year, reaching USD 36 billion.

Vladimir Putin’s opening address:

Good afternoon,

Today we are holding a regular meeting of the Government Commission on Monitoring Foreign Investment. We regularly hold different meetings with foreign partners that show interest in working in Russia. I will tell you how the flow of foreign investment into Russia looks, according to the Central Bank’s report.

But in our discussions with our colleagues in various formats on the prospect of working in the Russian economy, as I said, we have repeatedly noted the integration processes underway in the post-Soviet space. Our colleagues are always interested in the principles underlying this work. They want to know whether it may lead to some setbacks for them or, to the contrary, yield some advantages.

In about a month, starting on January 1, 2012, the economies of Russia, Kazakhstan and Belarus will operate in the Common Economic Space. I’d like to emphasise in this regard that this integration association relies on the fundamental principles of the World Trade Organisation (WTO), which are familiar and clear to our foreign business partners.

Our explanations at recent meetings with partners, including my recent meetings with them, show that on the whole these processes are being received positively. I’d like to cite some recent information (I’ve just mentioned it) from the Bank of Russia. In their preliminary estimate, in the past 10 months of this year direct foreign investment in Russia reached USD 36 billion. For comparison’s sake, in January-October 2010 the relevant figure was USD 32.2 billion. This is not a big increase, but it is still noticeable.

Our task now is to create favourable conditions for the flow of direct foreign investment into key branches of the Russian economy, including strategic ones.

This year we have done much to improve our investment legislation. During the commission’s meetings, we approved several packages of amendments that are designed to streamline monitoring procedures and the process of reviewing applications from foreign investors. Proposals were made to simplify and expand access of foreign companies to the food and medical industries, the banking sector and subsurface resources. Now all these proposals are becoming law and next year business will be able to work in new, more comfortable conditions.

At today’s meeting of the commission, we will review a number of applications for deals involving strategic assets. I’d like to mention the plans of the French company Atos to expand its presence in the Russian IT market. Together with its strategic partner – the German concern Siemens – this company is planning to carry out two major projects on providing information support for the Winter Olympics in Sochi in 2014 and the World Cup in 2018. The company is planning to invest more than 1.5 billion roubles into the development of information technology for the Olympic Games alone. This is a good example of high-tech cooperation, with not only capital but smart capital, smart investment entering this country.

Our meeting is final and in this regard I’d like to ask Mr Artemyev… Where is he?

Andrei Tsyganov (deputy head of the Federal Anti-Monopoly Service): I’m replacing him. Mr Artemyev is on vacation with your permission.

Vladimir Putin: He’s working even though he’s on vacation. Okay, good… I’d like to ask his deputy to report to us not only on current issues but also on the results of this year’s work.