Investment Development Plan of the Smolensk Region Has Been Presented to the First Deputy Prime Minister

Alexey Ostrovsky, Governor of the Smolensk Region, reported on the investment strategy of the Smolensk Region to Anton Siluanov, First Deputy Prime Minister of the Russian Federation – Minister of Finance of the Russian Federation.

According to the region’s chief executive, the Smolensk Region has made decisive progress in raising investments for the region’s development over the last few years. For example, in 2018 the investments volume has grown by 14 billion roubles compared to 2017 and exceeded 71 billion roubles. This is a peak value for the Smolensk Region reached for the first time in history; according to the last year results, the region has become second among other regions of the Central Federal District by the dynamics of investments in fixed capital and has ranked 13th out of 85 entities of the Russian Federation.

A comprehensive plan for the region’s investment development has been drawn-up to encourage investments into the region’s economy. In the wake of that document, the Administration of the Smolensk Region will be able to accurately assess the impact of the raised investments in terms of the Gross Regional Product growth, increased share of investments therein, as well as the tax base extension.

For example, 9 priority growth areas were defined for the Smolensk Region (they include specific sectors, where the primary focus is laid on and where investments are promoted as a matter of priority), the investments into each of them were calculated and the best locations for each of them were chosen in different municipal entities within the region.

Long-lists of investors were drawn-up, and specific work was started to come in contact with these companies in order to facilitate implementation of their investment projects within the Smolensk Region, besides, the state support measures were evaluated for their compliance with the investor’s needs in each individual segment.

“It was an interesting experience, which could be used by other regions of the Russian Federation as a positive practice. The progress made was also rather good. Judging by your words, the investments growth was 17.7% last year which brought the region to the 13th position by its investment appeal compared to other Russian regions, as appropriate. That is why I would like to thank you for the work done,” Anton Siluanov pointed out.