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

The Roscongress Foundation is a socially oriented non-financial development institution and a major organizer of nationwide and international conventions; exhibitions; and business, public, youth, sporting, and cultural events. It was established in pursuance of a decision by the President of the Russian Federation.

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, 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 5,000 people working in Russia and abroad.

The Foundation works alongside various UN departments and other international organizations, and is building multi-format cooperation with 173 economic partners, including industrialists’ and entrepreneurs’ unions, financial, trade, and business associations from 78 countries worldwide, and 188 Russian public organizations, federal and legislative agencies, and federal subjects.

The Roscongress Foundation has Telegram channels in Russian t.me/Roscongress, English – t.me/RoscongressDirect, and Spanish t.me/RoscongressEsp. Official website and Information and Analytical System of the Roscongress Foundation: roscongress.org.

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Ilya Torosov

Ilya Torosov

First Deputy Minister of Economic Development of the Russian Federation
Quotes
06.09.2022
EEF 2022
SAR: Welcome Back
There is no shared experience with regard to companies – each one is individual. Everything depends on where they are leaving from, and when. A month later, you might get one experience, and then another – either positive or negative
06.09.2022
EEF 2022
SAR: Welcome Back
Thanks to our potential and flexibility, we as the state will adjust [the SAR regime – ed.]. We will provide assistance and back-up support even if something goes wrong. <...> We can help with the process of redomiciliation [re-registering a company in another country while preserving the form of incorporation, structure, assets, obligations, bank accounts, etc. – ed.] <...> in 2–3 days, if it’s really needed. There have been instances like that
06.09.2022
EEF 2022
SAR: Welcome Back
We need to understand that there are risks. But if you don't get into a fight, you’ll never understand them. All other things being equal, relocation is a necessity, with the understanding that the undertaking carries major risks. <...> When companies come [to the local authorities from abroad – ed.] and ask what will happen to them, they always get an ambiguous answer. When they state that they’re relocating before the fact, issues in relevant jurisdictions are resolved much more quickly
06.09.2022
EEF 2022
SAR: Welcome Back
We already have 102 SAR resident companies, and we are expecting another 20–30 companies by the end of the year. So, by the end of the year, we are expecting the number of companies to grow to 120–130. In fact, over the first eight months of this year, we have doubled the number of companies. That means dozens of companies are coming every month. Of the 43 companies that moved recently, a little under half – 13 companies – have taken advantage of the simplified document submission procedure
07.09.2022
EEF 2022
Russia's Financial Sector Transformation: Preliminary Results
Our main stand is that the economy should be open. We have to gradually move away from the Central Bank's easing with a clear understanding of how we are going to move on according to Basel [the Basel Committee on Banking Supervision document with methodological recommendations in the field of banking regulation – Ed.]
07.09.2022
EEF 2022
Russia's Financial Sector Transformation: Preliminary Results
The liquidity cushion and the decisions of both the Central Bank and the government helped cope [with difficulties in the banking sector after the sanctions were imposed.] But the real transformation is still ahead. The most important problem is the long investment process, our financing of investment projects. Here we were very much dependent on Western financing, and now we need to replace it all [with domestic resources and funds – Ed.] from friendly countries
07.09.2022
EEF 2022
Russia's Financial Sector Transformation: Preliminary Results
The initial shock has subsided. The Central Bank of Russia helped a lot. <...> I think the government of the Russian Federation made the right call to introduce a moratorium on bankruptcy and support the backbone [enterprises – Ed.]
16.06.2022
SPIEF 2022
The Importance of the Climate Agenda in Key Eurasian Economies
We must create our own model of the global climate and the model of the climate of Russia, adaptation to climate observation, in order to speak the same language with our colleagues abroad. We need our own data, an understanding of how the climate is changing, how it affects sectors of the economy, and certain regions. <…> We are ready to spend more than RUB 10 billion on this by 2024
16.06.2022
SPIEF 2022
The Importance of the Climate Agenda in Key Eurasian Economies
Global warming is a worldwide problem, and we will fulfill all the obligations that Russia assumed, including the ones assumed last year. Perhaps our plans are not as intense as those of our neighbours, although by 2030 we must reduce the volume of emissions of 1990 levels by 30%, by 2050 – by 80%, and by 2060 reach neutrality. <...> The goals are achievable, we do not plan to revise them. <…> Ecological well-being is the main thing we need
30.06.2022
St. Petersburg International Legal Forum 2022
Corporate Governance: Responding to the Challenges Posed by Sanctions
The structure of what we do exists. I would divide it into three blocks that we are working on. The first block is the simplification of corporate procedures. <...> The second block is support for the financial system. <...> One of the important initiatives, is the next main block... the transfer of businesses into our jurisdiction. Our main task is [to make the process go on] as simply, quickly, and smoothly as possible. You can even use copies of documents to apply to move out of there within two years. In other words, everything has been done so that you can now move your business to a Russian jurisdiction
30.06.2022
St. Petersburg International Legal Forum 2022
Corporate Governance: Responding to the Challenges Posed by Sanctions
When we got together, it seemed like there was a pile of laws that actually also come from businesses due to the unprecedented sanctions pressure. We carefully consider every idea. Sometimes, they come from our colleagues from the Federation Council and the State Duma. We respond to them and look for compromises. <...> Business likes laws to change as less as possible so that everything is clear. Our colleagues in the FEBs [Federal Executive Bodies] have KPIs for the number of laws. It is their essence, their necessity [that matters] for busines
30.06.2022
St. Petersburg International Legal Forum 2022
Corporate Governance: Responding to the Challenges Posed by Sanctions
We see that we have 26 companies moving in over these coming months, since February. That's more than for the whole of 2021. We understand that these are large, complex companies. What we have been doing is clear. We made temporary provisions to simplify corporate procedures to save businesses. We were making decisions right away
30.06.2022
St. Petersburg International Legal Forum 2022
Corporate Governance: Responding to the Challenges Posed by Sanctions
The Ministry of Economic Development and the Government have been shaping new corporate governance using the maximum number of tools and the best global practices that could be available to Russian business and our economy. Over the past 4–5 years, we have adopted about 20 fundamental changes in corporate law and other laws. New institutions have appeared... in which you can use anything, any developments of international law you like. We have formed the maximum set of tools for businesses to be able to say that they can appreciate what corporate law has become in our country. And for the last year or two, I haven't heard any business people say that our corporate law is not good enough. Everyone says that corporate law in the Russian Federation is of a high standard, maybe one of the best in the world
16.06.2022
SPIEF 2022
Russia's Financial Sector in a New Environment
We’ve already carried out some recapitalization with funds from the National Wealth Fund - DOM.RF, Gazprombank, we’ve carried out recapitalization with different instruments and VEB – in order to provide support in the current situation for the Factory (Project Finance Factory - Ed.) and lending in general. In other words, we are already moving in this direction point by point. But we’ll need to make decisions when we figure out the Central Bank’s long-term strategy on regulations in order to calculate the banking sector financial model from that
16.06.2022
SPIEF 2022
Russia's Financial Sector in a New Environment
First of all, it’s obvious that we need infrastructure: payments, currency conversion, infrastructure for dealing with so-called toxic currencies and others. [...] There needs to be a recovery in the capital market – we understand that there has been a serious fall. [...] We need significant growth in the loan portfolio – at present, we have somewhere around 52 trillion [rubles], and we need to reach 75 trillion in the next three years,
16.06.2022
SPIEF 2022
Russia's Financial Sector in a New Environment
We are very happy to be gradually returning to pre-crisis rates. We still believe that the key [rate] has to go down even further. We understand the current inflation that we’ve had in recent months... that it makes it possible for us to lower the key rate more aggressively. For us, the target is 5% because we have spent the whole year actually subsidising revolving credit so that there wouldn’t be any problems with credit, supply, liquidity,
03.09.2021
EEF 2021
Climate Change: Is it Still a Question of Money?
Our condition is that we will not refuse to use coal, and there will be regions where coal will be used
03.09.2021
EEF 2021
Climate Change: Is it Still a Question of Money?
We have prepared taxonomy on green finance which the Government also has. This will help us get the Russian taxonomy and determine which project is considered green and attract investment, including from abroad, for an energy shift
03.09.2021
EEF 2021
Transition to a Sustainable Development Trajectory: Strategy, Resources and Implementation Tools
We have prepared four scenarios for low carbon development until 2050. [...] Nuclear energy will grow from 20–22% of the current energy balance to 37%, depending on the scenarios; we plan to reduce coal from the current 13% to 5% in the intensive and aggressive scenarios. We hope to occupy a niche in the global hydrogen energy market. [...] We are facing a challenge in the international arena — namely, to verify the entire architecture of low-carbon development within Russia and to prepare the country for an energy transition
04.06.2021
SPIEF 2021
Quality Infrastructure Projects: How Are Investor Attitudes Changing?
As you know, we are working to change the law. I’m pleased to say that finally all the debate on, shall we say, the territory of the government is over. We have agreed on everything and have already submitted to the Main Legal Department of the Russian President amendments to the law, which actually allows us to organize normal work. We have been waiting for this for four years [...] Now what are the main points of the amendments? It’s an incentive for private initiative. Now it’s possible to reimburse the costs of preparing documents. It’s a financial model, valuation, and [design and estimate documentation] if the initiator of the tender [...] did not win as a result of the tender. Moreover, this money will be reimbursed at the expense of the future winner. We think we haven’t discussed this with anyone yet. About 2–3% of the project cost is to limit these payments so that there is no abuse. We understand that it was necessary to clearly define the concepts of the capital grant, the concessionaire’s fee, the minimum guaranteed income, and special circumstances
04.06.2021
SPIEF 2021
Quality Infrastructure Projects: How Are Investor Attitudes Changing?
The issue of infrastructure for Russia, in particular for the Ministry of Economic Development, is one of the most important themes. We understand that investment in the infrastructure of the Russian Federation makes up 5% of GDP. Over the past five years, from 2015 to 2020, this [figure is RUB] 28 trillion. If we clear this [RUB] 28 trillion of government money and state corporations, we get around [RUB] 7 trillion. Every 10 roubles is [public-private partnership, municipal-private partnership], and concessions. We understand that this is also a driver and the key driver, including investments [...] for our country. In this regard, we are actively developing this market. Now this market is [RUB] 1 trillion, and private investment makes up [RUB] 700 billion
03.06.2021
SPIEF 2021
Low-carbon Development and Climate Policy: Opportunities for Russian Businesses on the Global Decarbonization Agenda
We have already prepared a carbon regulation and a law limiting greenhouse gases […] I hope that in the near future we will already adopt our basic law on carbon regulation, which has basically formed the architecture and conceptual framework and created an opportunity for the emergence of the voluntary climate projects that businesses wanted
03.06.2021
SPIEF 2021
Low-carbon Development and Climate Policy: Opportunities for Russian Businesses on the Global Decarbonization Agenda
We have great prospects for low-carbon development. That’s what our ecosystem is – the forests of the Russian Federation make up 20% [of all forests in the world]. We can be the beneficiaries of the entire green agenda. The main thing for us as a country is to be ready for this and to create all the infrastructure, which is what the state is doing right now. The task for the next year is to come up with a national regulation on limiting greenhouse gas emissions. We are doing this, and pilot projects and the basic bill are already on the way. [Another task] is to complete work on creating sectoral region-based plans for adaptation. We believe this will make it possible to prepare our country for the global energy transition, for a new technological order and, as a result, to preserve Russia’s leading position as an energy superpower
03.06.2021
SPIEF 2021
New Directions and Sources of Financing for the Green Agenda
The government’s job is to create a methodology and playbook for the market. […] We have a roadmap to support green finance. We are already discussing it with our colleagues from the Ministry of Finance and the Central Bank. […] We have already taken some steps and are trying to synchronize Russian taxonomy within the framework of the Asian Parliamentary Assembly. We want to create an investment methodological centre. […] Our job is to comprehensively approach the entire climate package. We want to complete the roadmap within two months
03.06.2021
SPIEF 2021
New Directions and Sources of Financing for the Green Agenda
The Ministry of Economic Development is currently drawing up a comprehensive programme, the so-called ‘big climate package’, which consists of a basic law on the regulation of greenhouse gases. Carbon units, climate projects, and virtually the entire conceptual framework and architecture of the future market are also emerging. […] We have created a working group in the Ministry of Economic Development to develop a ‘green taxonomy’. […] I hope the Prime Minister will sign a directive in the near future and a ‘green taxonomy’ will appear in the Russian Federation
04.09.2019
EEF 2019
Special Administrative Districts: One Year on
Should a business have questions regarding specific aspects of the procedure, I would advise writing to the Ministry of Economic Development. We will provide an official response with my signature within a week. It will clearly outline everything, and the information can subsequently be presented in print form
04.09.2019
EEF 2019
Special Administrative Districts: One Year on
Interest in special administrative districts is growing with each passing day. We are delighted to see this, but at the same time, we understand that we have to do more, and we have prepared a so-called third package of improvements. What does this encompass? First of all, it involves increasing the number of countries where companies qualify for redomiciliation
06.06.2019
SPIEF 2019
Partnerships Between the State and Society to Provide Social Guarantees
This is a new thing even on the global level. First such projects were launched in 2010. <…> There are only 130–140 projects worth USD 450 million in the world
06.06.2019
SPIEF 2019
Partnerships Between the State and Society to Provide Social Guarantees
The main problem that we are facing is the target use of budget funds; making sure that they are spent in a right way
06.06.2019
SPIEF 2019
Partnerships Between the State and Society to Provide Social Guarantees
There is a request from the society. According to sociologists, over 90% of corporate employees in Russia believe that the social impact of company activities is way more important than the economic one
06.06.2019
SPIEF 2019
Corporate Social Responsibility as a Driver of Sustainable Development
A draft bill on public financial reporting has been drawn up. Large companies – both public and private – with revenues of 10 billion and more will have to disclose their information [on a mandatory basis, – Ed.]
06.06.2019
SPIEF 2019
Corporate Social Responsibility as a Driver of Sustainable Development
Public financial reporting is vital for transparency, business responsibility, and investment attractiveness. Russia does not currently have public financial reporting standards. They have not been brought in line with international standards. This is a problem that we are aware of and which we want to correct. A strategy to develop public financial reporting was adopted in 2017. <...> There is a global financial report disclosure rating, in which Russia occupies 22nd place, with Brazil and China in 8th and 13th. We see this as not good enough, and we understand that the situation must be corrected
15.02.2019
Russian Investment Forum 2019
Green Financing: Developing the Responsible Investment Market
Currently our market is not yet formed. Therefore, we believe that investors should also be supported. So, we plan to discuss complete or partial renunciation of interest income tax for ‘green’ stock <…> to spread ‘green’ stock in a similar way to high-tech stock, maybe using the income tax rate for the conversion of such stock
15.02.2019
Russian Investment Forum 2019
Green Financing: Developing the Responsible Investment Market
The ‘Ecology’ project accounts for 3.2 trillion roubles of off-budget expenditures that we have to finance with ‘green’ stock
15.02.2019
Russian Investment Forum 2019
Green Financing: Developing the Responsible Investment Market
The market of ‘green’ stock has already reached USD 390 billion. <…> Each global centre has a section of ‘green’ stock. <…> In Luxembourg a separate ‘green’ stock exchange has been established. The world has been living with ‘green’ stock for a while