Special Investment Contract Should Increase Investment Appeal of Russian Regions
On December, 6, 2016 Anna Dupan, director of HSE Institute of Legal Regulation, took part in the meeting of the Ministry of Industry and Trade of the Russian Federation with representatives of the Association of European Businesses (AEB). The meeting focused on the innovation that should attract additional investments to our country– Special Investment Contract (SPIC).
SPIC gives the investing party unprecedented benefits and preferential treatment from the Russian Federation, regions, and municipalities "in exchange" for a commitment to build or modernize industrial production localized in Russia.
Vasily Osmakov, Deputy Head of the Ministry of Industry and Trade, pointed to an important function of the SPIC mechanism: "SPIC is a tool that allows us to unify the regulatory framework in all regions and to encourage them to be systematic and form their investment legislation in accordance with the Federal law "On industrial policy". The implementation of this mechanism at the local level must ultimately increase the investment attractiveness of regions".
Anna Dupan and the Higher School of Economics (HSE) took an active role in the development of the SPIC basic regulatory framework and draft legislation on localization and import substitution of Russian Federation.
AEB representatives headed by its CEO Frank Schauff thanked the Ministry for the open discussion on these hot issues. It should be noted that SPIC offers equal rules for all investors, whether Russian or foreign.