On 30 June, 2016, the Governor of the Krasnodar region held a meeting of the Foreign Investment Advisory Council. 

The head of the investment department of the Krasnodar regional administration, Vasily Shvets, chaired the meeting. Most of participants at the regional Foreign Investment Advisory Council meeting were representatives of AEB member companies. The event was attended by representatives of Advocates Bureau Yug, Banca Intesa, Bank Center-Invest, Cargill, CLAAS, Danone, Gubskiy Kirpich, Knauf, Nestle Kuban, Philip Morris Kuban, PwC, and Syngenta. 

Vasily Shvets stressed that the purpose of the regional Foreign Investment Advisory Council was to create an effective system of interaction between the administration and representatives of the business community. Feedback and expert opinion from investors operating in the region are needed to improve the investment climate there.

Oleg Zharko, Chairman of the AEB Southern Regional Committee, Regional Director of Corporate Affairs and Government Relations, Danone Russia, confirmed that working with foreign investors is very important and necessary for both the region and investors. 

The participants of the meeting noted that such regional Foreign Investment Advisory Councils exist only in a few regions of the Russian Federation, including the Krasnodar region and St. Petersburg, because a lot of foreign investors are interested in these regions. From the standpoint of foreign investors, the Krasnodar region remains one of the most attractive for investment. Many foreign companies have successfully operated in the region for decades and continue to expand their businesses, gaining vast and rich experience along the way.

The new concept being developed by the regional Foreign Investment Advisory Council will strengthen and consolidate the efforts of both the administration and investors in two important ways: improve the conditions for existing investors and develop mechanisms to attract new investors to the region. 

The participants discussed the format of future work with the regional Foreign Investment Advisory Council and determined the main objectives for investors and the regional authorities. Working groups will be established within the framework of the council to formulate and promote a positive investment image of the Krasnodar region, including legal issues and regulations, localisation, infrastructure and relations with natural monopolies, and staffing for foreign investment. Working groups will attract a broader level of professional expertise to intensify investment in the region.

Each of the working groups will hold meetings during the coming month and submit their proposals for inclusion into a general action plan for the region’s Foreign Investment Advisory Council for the current year.