Bashkiria authorities plan to bring annual investment volume to 650 billion rubles by 2024

The Bashkiria authorities plan to bring the annual investment volume to 650 billion rubles by 2024, Prime Minister of the regional government Andrei Nazarov said at the meeting of the Ministry of Economic Development and Trade. The volume of investments in 2020 amounted to almost 366 billion rubles.

Bashkortostan has become one of the few regions that have provided a positive trend in the inflow of investments last year. This figure was 100.9%, while the figure for 2019 was adjusted to 119%. In some areas, the republic has shown significant growth.

By 2024, the task is still to achieve an annual investment of 650 billion rubles, the Prime Minister said in his welcoming speech.

The current investment portfolio includes 1170 projects in municipalities for 386.4 billion rubles and 228 priority projects for 841 billion rubles. Despite the pandemic and difficulties, a set of measures made it possible to prevent significant failures in the economy and outstrip the national rates in the key sectors: industrial production (IPI RB - 98%, RF - 97.4%), agriculture (RB - 103.1%, RF - 101.5%), housing construction (RB - 100.4%, RF - 94.1%), investments in fixed assets (RB - 100.9%, RF - 98.6%). The average salary in the region increased by 1.7%.

Investment climate formation is an essential component in attracting investments. Systematic work to improve the investment climate directly affects the investment attractiveness of the region. According to Rustam Muratov, to increase investment attractiveness, it is planned to reduce the lower threshold for entering the list of priority projects from 100 million to 50 million rubles and form a simplified procedure for investment project implementation. The Agreement on the Protection and Promotion of Investments is being built into the republican legislation to support investors.

Besides, Bashkortostan has its own Center for Strategic Research. The body accompanies strategic ideas from inception to developing an implementation mechanism and participates in attracting federal funding.