Russian Lower House Approves Regional Investment Standard Law

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Russian lawmakers have adopted in the second and third readings a law on regional investment standards, according to TASS.

The legislation formalizes tools already used by regions to support investment projects. Regions will have the right to approve investment declarations, designate specialized organizations for working with investors, form investment committees, and ensure a feedback mechanism.

At the federal level, the state development corporation VEB.RF will be responsible for supporting investment projects. Its duties will include providing consultative support, informing investors about state and other forms of support in the investment sphere, participating in all stages of interaction between investors and government bodies and regional specialized organizations for attracting investments, working with investors in the framework of investment activities and implementation of investment projects, assisting regional authorities in preparing investment proposals, and attracting investors, including foreign ones.

The Russian government will set criteria for investment projects that will be supported by VEB.RF at the federal level.