OREANDA-NEWS. April 03, 2013. A member of a Russian delegation, the Head of the Department for Control over Foreign Investments of the Federal Antimonopoly Service (FAS Russia) Armen Khanyan took part in a special session of OECD Investment Committee in Paris.

The Committee focused on detailed consideration of the next scheduled Review of investments in Russia drafted by OECD experts as part of Russia ascending OECD.

For instance, the Committee discussed the measures undertaken by Russia to improve the national investment climate taking into account OECD recommendations and the basic principles as well as further planned steps towards major economic liberalization in accordance with OECD requirements.

In particular, the discussion covered the issues of macroeconomic situation in Russia, the situation with credit organizations, and enforcement of the Law “On the Procedures for Foreign Investment in Business Entities of Strategic Importance for National Defence and State Security”.

Armen Khanyan informed representatives of OECD member-countries about the procedure for investigating petitions and notifications of foreign investments, and the established practice, particular, since passing amendments to the Law in 2011, with detailed statistical data on the outcomes of FAS work after the Law came into force, as well as insignificant difficulties facing by FAS and petitioners in the course of investigating petitions and notifications.

The Head of FAS Department for Control over Foreign Investments also informed the Committee about amendments to the law of the Russian Federation on foreign investments drafted by FAS Russia. He drew attention of OECD members to the fact that the amendments are aimed, first of all, at further simplification of the norms of the law, being a new logical step towards economic liberalization.

For instance, Armen Khanyan pointed out that “FAS as the authorized body for control over foreign investments in economic entities of strategic importance for national defence and state security is in an ongoing dialogue with the business community – potential foreign investors as well as representatives of European business for the purposes of joint efforts towards improving the Law, which undoubtedly allows undertaking the right steps towards further economic liberalization”.

“At the same time it is necessary to emphasize that the law of the Russian Federation on foreign investments and its enforcement correspond with OECD basic norms and principles in this field. Also one can confidently state that all legal regulators for control over foreign investors in economic entities of strategic importance are put into practice, and the existing regime of control over foreign investments in such companies is sufficiently liberalized, which, in its turn, is confirmed by an insignificant number of decisions to refuse granting preliminary approvals of transactions”, commented the Head of FAS Department for Control over Foreign Investments, Armen Khanyan.

Overall, OECD Investment Committee highly appreciated steps towards improving investment climate and economic liberalization undertaken and planned by Russia, especially emphasizing the desire, aspiration and, the most important, high readiness of Russia to become a fully-fledged member of OECD.