Nizhny Novgorod Region confirmed high compliance with the Regional Investment Standard

The Nizhny Novgorod Region confirmed its high level of compliance with the Regional Investment Standard. The Ministry of Economic Development of the Russian Federation announced the quality confirmation results.

The Nizhny Novgorod Region joined the pilot project for implementing the Regional Investment Standard in 2021. Its objective is to create a unified set of basic tools for attracting business and eliminating typical barriers for entrepreneurs.

The Nizhny Novgorod Region has implemented all elements of the standard: an investment declaration, a set of investment rules, a development agency (Development Corporation), an investment committee (Council for Development Strategy and Investments), and an investment map.

“Last year, we were among the first to begin implementing new elements of the regional investment standard. These include investment proposals fr om the development agency, “Lean Technologies”, which continue the “Investment Flow” project launched in 2022 and help to reduce the timeframes for connecting to infrastructure, and a unified feedback center with businesses through the Gosuslugi portal. The Nizhny Novgorod Region pays special attention to the variety of forms of feedback between entrepreneurs and executive bodies, but, of course, the digital format is the most efficient and convenient,” said Egor Polyakov, Deputy Governor of the Nizhny Novgorod Region.

“The Nizhny Novgorod Region is among the pilot regions in the country wh ere investment proposals for business are being formed. These are universal solutions with all calculated parameters that require minimal labor costs from the investor themselves and significantly reduce the implementation time of such projects. We are now developing new ‘box solutions’ for potential investors,” noted Andrey Sanosyan, Deputy Governor of the Nizhny Novgorod Region.

Regarding the “Lean Technologies” element within the “Investment Flow” project, the region acted as a methodologist and mentor, actively participating in training RANEPA instructors and employees of regional departments from 13 constituent entities of the Russian Federation. The experience of the Nizhny Novgorod Region in implementing the project was highly appreciated and disseminated to other regions.

“We continue to conduct consistent work to reduce the investor’s “customer journey”. We have already reduced the timeframes by changing regional legislation and digitalizing processes. We have transferred a number of services to electronic format, which led to parallelization of coordination activities and interdepartmental information exchange using the GISOGD platform. This allowed us to create a “Digital Corridor” in the region – a mechanism thanks to which an investor can complete the entire project implementation path without personal presence in the region,” said Denis Ismagilov, Minister of Economic Development and Investments of the Nizhny Novgorod Region.

The quality of investment standard implementation is assessed by federal-level business associations and local organizations.

“Currently, the Development Corporation is supporting more than 310 investment projects with a total investment volume of approximately 330 billion rubles. The “one-stop shop” principle, under which the development agency supports projects, allows for prompt resolution of issues arising for investors, with our specialists always available. The investment map is also regularly updated, providing businesses with complete information about sites available for project implementation,” added Igor Ishchenko, Director General of the Nizhny Novgorod Region Development Corporation.