PM on creating a more favorable business climate for foreign investors

On the eve of the 25th anniversary of the Russian Foreign Investment Advisory Council, Prime Minister Dmitry Medvedev gave an interview to Rossia-24 TV news channel, web page of the government reports.


Currently, the council includes 53 top executives of major international companies with the aggregate capitalization of about $2 tln.

“We must consistently improve the business climate on a daily basis,” Medvedev said. “This is manifested in different areas and concerns the administrative load, as well as the selfsame inspections. We launched an initiative that was metaphorically described as a regulatory guillotine. This reflects our desire to get rid of a lot of regulations that were adopted long ago and impeded our progress. They should not be applied. This looks simple, but in reality this is very complicated. There are many regulations, and we need to figure out what we should do away with and what we should keep in place. Much is being done in this respect. When this work is completed, we think conditions for business will be better, including businesses with foreign investment.”

“Improving the legislation must be aimed at creating a more favorable business climate for foreign investors. Our common task is to improve legislation in a wide range of areas, thereby creating better conditions for doing business. A decision has been adopted to upgrade the administrative legislation, notably to draft a new Code of Administrative Offences. This may sound abstract to those who are not experts, but in reality our Code of Administrative Offences consists of a host of articles that have been amended dozens of times. It is absolutely inconvenient to use and contains a vast number of administrative offences with which businesses get charged, among others. Our task is to create a much clearer and more effective Code of Administrative Offences that would be more suitable for economic development goals,” he noted.

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