A socially oriented non-financial development institution and a major organizer of international conventions; exhibitions; and sporting, public, and cultural events.

The Roscongress Foundation – a socially oriented non-financial development institution and a major organizer of international conventions; exhibitions; and sporting, public, and cultural events.

The Foundation was established in 2007 with the aim of facilitating the development of Russia’s economic potential, promoting its national interests, and strengthening the country’s image. One of the roles of the Foundation is to comprehensively evaluate, analyse, and cover issues on the Russian and global economic agendas. It also offers administrative services, provides promotional support for business projects and attracting investment, and helps foster social entrepreneurship and charitable initiatives.

Each year, the Foundation’s events draw participants from 208 countries and territories, with more than 15,000 media representatives working on-site at Roscongress’ various venues. The Foundation benefits from analytical and professional expertise provided by 2,500 people working in Russia and abroad. In addition, it works in close cooperation with 122 economic partners; industrialists’ and entrepreneurs’ unions; and financial, trade, and business associations from 69 countries worldwide.

RC personal account
Восстановление пароля
Введите адрес электронной почты или телефон, указанные при регистрации. Вам будет отправлена инструкция по восстановлению пароля.
Некорректный формат электронной почты или телефона
Protecting Investors’ Rights in the Far East
12 September 2018
09:30—11:00
KEY CONCLUSIONS
Innovations in state regulation helping to develop business in the region

The main thing that we have managed to do today is that there is a one-stop shop that business can reach out to in order to resolve virtually all of its legal issues related to interaction with the state — Boris Titov, Presidential Commissioner of the Russian Federation for the Protection of Entrepreneurs’ Rights.

One very important issue is creating a reference point for the leaders of subordinate institutions and corporations that aim to develop business in the Far East. This means moving away from personal interaction and creating electronic platforms — Alexander Kozlov, Minister for the Development of the Russian Far East.

Effective institutions have been created to protect investors’ rights

To date, RUB 104 billion in debt have been returned to businesses, including RUB 18 billion in the past year — Yury Chayka, First Deputy Chair of the Government of Khabarovsk Territory for Investment and Priority Projects.

Today, sufficient mechanisms have been created in the Russian legal field to protect the rights of investors, which allow for fully providing such protection […] In 80% of cases, the problems faced by those involved in investment activities are not related to problems with law enforcement or oversight bodies, but are actually errors committed by those involved in the investment process when they started organizing it — Kliment Rusakomsky, Managing Partner, Founder, Law Group PARADIGMA.

ISSUES
Administrative pressure remains high

Preventing unlawful interference in business activities by law enforcement officials is a serious problem — Yury Chayka, First Deputy Chair of the Government of Khabarovsk Territory for Investment and Priority Projects.

Oftentimes, the system for controlling [administrative pressure] largely paralyzes those who create material goods [investors, manufacturers of products] — Olga Epifanova, Deputy Chairperson of the State Duma of the Federal Assembly of the Russian Federation, Member of the State Duma Committee on Regulations and Organization of Work.

A unique feature of the Far East is that there aren’t so many people and not so much business here, and the system of law enforcement as well as control and oversight is the same here as it is throughout the rest of the country […] Therefore, there is an impression that the pressure on business is higher here — Alexander Kalinin, President, All-Russian Non-Governmental Organization of Small and Medium-Sized Businesses Opora Russia.

Imperfections in the legislative framework is creating problems for investors

Today, policy-making requires adjustments and sometimes revisions — Alexander Kozlov, Minister for the Development of the Russian Far East.

The protection of investors’ rights in the Far East is a very hot topic […] The main thing is that the rules of the game are unclear — Alexey Bobrovsky, Head of the Economic Programme, Russia 24.

If business does not feel protected, it’s obvious there won’t be any investment — Alexander Kalinin, President, All-Russian Non-Governmental Organization of Small and Medium-Sized Businesses Opora Russia.

What we don’t like is the overlapping laws that are introduced in addition to or in contradiction with existing laws. The laws need to be consistent, but this is not always the case, which is a big risk for transnational companies and a great difficulty in their work — David John Ogilvie Cruickshank, Chairman, Deloitte Touche Tohmatsu Limited.

Low level of legal literacy among business

Foreign investors are primarily hampered by a lack of knowledge of Russian legislation — Yury Chayka, First Deputy Chair of the Government of Khabarovsk Territory for Investment and Priority Projects.

We need to draw attention to such parts of the problem as a low level of legal literacy and a low level of legal culture among those involved in the investment process — Kliment Rusakomsky, Managing Partner, Founder, Law Group PARADIGMA.

SOLUTIONS
Monitoring compliance with and updating legislation

Our job is to not only supervise the implementation of existing legislation, but also initiatives to reform it — Alexander Kozlov, Minister for the Development of the Russian Far East.

We need to form a regulatory and legal framework that would help to attract investors to the Far East […] Reduce administrative pressure on business and investors in the Far Eastern region — Yury Chayka, First Deputy Chair of the Government of Khabarovsk Territory for Investment and Priority Projects.

A system needs to be established to protect the rights of entrepreneurs — Boris Titov, Presidential Commissioner of the Russian Federation for the Protection of Entrepreneurs’ Rights.

Development of communications between business and the regulatory authorities

Communication by the oversight and law enforcement agencies with the business community would eliminate many problems — Alexander Kozlov, Minister for the Development of the Russian Far East.

Enhance the legal literacy of entrepreneurs and officials

The key issue is competence, both in business and in law enforcement […] Business should self-organize and improve its literacy in the legal sphere — Alexander Kalinin, President, All-Russian Non-Governmental Organization of Small and Medium-Sized Businesses Opora Russia.

The material was prepared by the Russian news agency TASS