Gleb Nikitin and Alexander Shokhin discussed measures to improve the investment climate and business activity

Gleb Nikitin, Governor of the Nizhny Novgorod Region, and Alexander Shokhin, President of the Russian Union of Industrialists and Entrepreneurs (RSPP) and Co-Chairman of the Supervisory Board of the National Association of Investment and Development Agencies (NAAIR), held a meeting at the office of the Nizhny Novgorod Region Development Corporation. They discussed measures to improve the investment climate and business activity, as well as reviewed the results of the V Congress of Regional Investment Agencies and Development Corporations.

The Congress is taking place on October 16-17 in Nizhny Novgorod. More than 100 representatives of government institutions, development agencies, and business associations from 68 regions of Russia are participating.

“At the Congress, we share our rich experience and learn from the practices of other regions. The Congress is held every two years, which adds value to each event. Development agencies are very important institutions for all regions that play a key role in improving the investment climate. Currently, our Development Corporation is supporting 338 investment projects with an investment volume of 380 billion rubles, which means 32 thousand jobs. The impact of organizing such an investor support institution is evident in our region, and I am confident that together we will create conditions that will lead to a sustainable economy,” said Gleb Nikitin.

According to Alexander Shokhin, the Congresses are held to develop a consolidated position on the activities and development of specialized organizations for attracting investments and working with investors in the constituent entities of the Russian Federation.

“It is encouraging to note that businesses are increasingly turning to regional development agencies when implementing their investment initiatives, treating them as reliable partners. This indicates that the idea of creating development agencies in each region has proven its worth,” he noted.

During his speech, Alexander Shokhin cited the successful model of the Nizhny Novgorod Region Development Corporation as an example for possible replication in other regions.

The meeting was also attended by Igor Ishchenko, Director General of the Nizhny Novgorod Region Development Corporation; Rafael Khusyainshin, Executive Director and Deputy Chairman of the NAAIR Board; and heads of investment agencies and development corporations from Russian regions. They presented their proposals to improve the efficiency of development agencies and corporations in the regions.

In particular, Igor Ishchenko proposed considering the possibility of subsidizing mortgages for employees in zones with preferential tax regimes at the federal level.

“To date, 45 companies have passed the expert council of the Kulibin SEZ and will invest about 144 billion rubles in project implementation, creating more than 6 thousand jobs. Personnel are everything, so we are currently addressing this issue especially actively. In my opinion, if we could support the initiative to subsidize mortgages, it would be a critical solution to the problem of personnel shortages for us as the SEZ management company and would become an additional incentive to work in our special economic zone,” said Igor Ishchenko.

Additionally, proposals were made to reduce the administrative burden on businesses, minimize inspections by regulatory authorities, create a federal investment commissioner institution in Russia, and amend several federal laws and regulatory acts.