Investment legislation is simplified in Bashkiria

UFA, 1 April 2019. /Bashinform News Agency, Galina Bakhshieva/ translated by Tatiana Aksyutina/.

The State Assembly - Kurultay of Bashkortostan made amendments to the republican law on UFA, 1 April 2019. /Bashinform News Agency, Galina Bakhshieva/ translated by Tatiana Aksyutina/. investment activities carried out in the form of capital investments. The initiator of the bill was the Ministry of Economic Development of the region.

The essence of the innovation is that a single-level support system for investment projects is introduced in the republic. Previously, in order to receive state support measures, the investor had to go through two stages.

First, the investment project had to receive priority status. At the second stage, it was necessary to sign an investment agreement with the republican government. In this case, both stages involved the preparation of an appropriate package of documents by the initiator of the project.

Now, due to the improvement of investment legislation, it is done in the framework of a single procedure with a single set of documents on an investment project.

The expansion of public-private partnership mechanisms in the region became another innovation in the field of investment activity. The corresponding amendments were made to the republican law “On the Participation of Bashkortostan in Public-Private Partnership Projects”. Investors now have an opportunity to implement projects in the field of IT on the principles of PPP, the Ministry of Economic Development of Bashkiria informs.