Experts Propose Establishing Govt. Investment Council

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Experts have proposed setting up Russia’s national investment council to make legal regulation of business activity more effective, according to a report on expert work on urgent issues of the country’s social and economic strategy until 2020.

Experts have proposed setting up Russia’s national investment council to make legal regulation of business activity more effective, according to a report on expert work on urgent issues of the country’s social and economic strategy until 2020 (Strategy 2020).

“The national council on investment and norm control will be tasked with organizing expert evaluation and assessment of regulatory acts from the viewpoint of their influence on investor activity, market institutions and economic freedom, monitoring of laws and their administration regarding investors,” the report said.

The council’s tasks will also include “developing measures to improve the investment climate, attract investment and solve typical conflicts,” it said.

The body will be established under the Russian government for five years, with the possibility to extend its mandate if required. It will be led by an influential person having a good reputation both among state officials and entrepreneurs.

The first variant of Strategy 2020 was developed under the supervision of the Economic Development Ministry and approved by the government in 2008. After the global financial crisis it became clear that the Strategy needs to be adjusted, and in early 2011 Prime Minister Vladimir Putin asked experts to rework the strategy.

Twenty-one expert groups are working on the new strategy dealing with economic growth, macroeconomic stability, pension system reform, budget and tax policy, education, healthcare and other aspects of the economic and social policy.

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