Mikhail Mishustin: “Despite external pressure, investors continue to systematically finance Russian projects. Despite the external pressure, investors keep on financing into Russian projects in a consistent manner. In particular, according to the last year results, fixed capital investment volumes soared by almost 7.5 percent in real terms.”
Mikhail Mishustin’s opening remarks:
Mikhail Mishustin chairs strategic session on the investment climate and targeted business models
Mikhail Mishustin chairs strategic session on the investment climate and targeted business models
Mikhail Mishustin chairs strategic session on the investment climate and targeted business models
Good afternoon, colleagues.
Today, we will discuss ways of improving the investment climate; this is a highly important issue for future economic development. The President has drawn attention to creating favourable conditions for attracting capital into the Russian jurisdiction, primarily into expanded industrial projects and service sectors.
The Government addresses this issue all the time. Despite diverse challenges now facing the country, we implemented multiple measures for encouraging the initiative of entrepreneurs and creating a friendlier business environment.
First of all, we are doing our best to reduce administrative loads that have decreased almost four-fold on 2019.
We actively overhauled oversight activities. Today, scheduled audits are conducted only with regard to high-risk and top-risk entities.
We have expanded opportunities for using the mechanism to contest the decisions of auditors out of court.
We help reduce financial outlays of entrepreneurs. As instructed by the President, we have introduced a tax deduction making it possible to reduce profit tax amounts regarding capital expenditures within the framework of the relevant investment projects.
Since early 2025, small and medium-sized businesses implementing projects in the sphere of processing industries are covered by standard reduced insurance premiums rates.
A simplified procedure for relocating companies to special administrative areas has been extended until late December. From now on, they do not have to collect a large package of documents and certificates, and a copy of an owner’ decision will be enough.
As of April, about 500 organizations have already changed their foreign domicile for a domestic one. They are now registered in Russian special administrative districts.
Other measures have also been taken. A regional investment standard has appeared. Thanks to it, the efficiency of work with investors in Russian constituent entities has been improved. A state accounting information resource has been launched to improve the reliability and accessibility of information on the businesses' financial standing.
The Business Climate Transformation mechanism is also in place. It helps adjusting the legislation to remove redundant barriers, including optimizing the deadlines for and cost of procedures. There are also other instruments intended to enhance the interest to Russia as an attractive market for private capitals: special investment contracts and agreements on protecting and encouraging investments.
All these efforts have yielded a meaningful result. Despite the external pressure, investors keep on financing into Russian projects in a consistent manner. In particular, according to the last year results, investments in fixed capital soared by almost 7.5 percent in real terms. This predetermined the dynamics of the economy as a whole. Let me remind you that the growth of the Russian economy last year was higher than the global average.
It is necessary to improve the mechanisms and conditions for attracting investments to stimulate further growth. Indeed, the other countries do not stand still and are developing similar tools.
On the President's instruction, the Government is developing a national model of target business conditions, which will determine the main lines of our efforts for the next five years.
We have set up 11 working groups by priority tasks in order to prepare changes with due account of the leading world practices. They include business registration, taxation, labor regulations, competition, innovations and patents. As well as issues related to dispute resolution, infrastructure, real estate, international trade, and a variety of other areas.
Today, we will discuss in detail how the work is going on and determine the tasks, the solution of which will allow us to implement entrepreneurs' proposals more effectively.
