STAVROPOL REGION IS A PILOT PROJECT ON REGULATING FOREIGN INVESTMENTS

A mid-term objective of the local government is to enhance investment activities in the region

The Agreement on Cooperation signed between the Federal Antimonopoly Service and the Government of the Stavropol region on 23 July 2018 in Stavropol provides for interaction between the parties towards measures not only on competition development but also on increasing investment activity, including regulation of foreign investments, reported Deputy Head of FAS Department for Control over Foreign Investments, Grigory Karakov, at a meeting with the Governor of the Stavropol region, Vladimir Vladimirov.

“During the past months Igor Artemiev and his Deputies have been travelling around the regions of our vast Motherland, informing and suggesting the best approaches to competition development under the frame of 2018-2020 National Plan and the order of the President of Russia issued following the State Council of the Russian Federation. The outcome of their visits is signing Agreements on Cooperation between the Federal Antimonopoly Service and the regional authorities. It is nice that the Government of the Stavropol region reacted positively to our initiative on implementing regulation of foreign investments in the Agreement”, said Grigory Karakov.

“Stavropol is a region with diversified and developed economy, the interest to which is shown by Western and Eastern partners. Our cooperation falls beautifully in FAS efforts on competition and investment advocacy.  As a control-and-supervision body, the Federal Antimonopoly Service must not only punish the violators but also bring knowledge on the current regulatory standards, which is an efficient mechanism of prevention violations of the law”, emphasized the speaker

The Department for Control over Foreign Investments is a FAS unit responsible for implementing the Agreement provisions in the part of foreign investments.  The Agreement provides for not only measures to exchange information about the structure and scope of foreign investments, the best and the worst practices in this field but also training regional specialists, enhancing legislative awareness of foreign investors, and legal support to attracting foreign investments in the priority sectors of the economy in the Stavropol region, including strategic companies.