Bashkiria Government is preparing proposals on creating foreign direct investment fund

Azat Gizatullin

UFA, 9 December 2019. /Bashinform News Agency, Azat Gizatullin/ translated by Tatiana Aksyutina/.

The First Deputy Prime Minister of the Government of Bashkiria Andrei Nazarov believes that there is a set of instruments that will increase the amount of foreign direct investment in the economy of the republic and will allow replenishing the regional budget.

“Having studied our civil law, as well as separate laws, we realized that there are some issues on the creation of foreign direct investment funds. Mutual investment funds today do not provide approaches when the state participates in them, and the state in this sense is not interested in profit gaining”, said Andrei Nazarov, answering journalists' questions after the plenary meeting of the Russian Legal Forum.

According to him, investments already bring indirect income - jobs creation, taxes, infrastructure. The First Deputy Prime Minister notes that collaboration with the Russian Bar Association and the State Duma is necessary. New laws will allow the effective use of financial instruments to increase budget revenues.

Answering the question of the Bashinform News Agency, regarding the ability of contemporary legislation to keep up with economic realities, the State Duma deputy Pavel Krashennikov marked that sometimes the parliament, of course, lagged behind the demands of the time.

“In terms of codes, we are doing quite well, from the point of view of current legislation - it could vary. Sometimes the State Duma passes laws a little later than necessary. However, to a large extent, we try to observe the balance,”, the parliamentarian marked.

#foreign direct investment #russian legal forum

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