Russia has all prerequisites for moving up further in Doing Business rating - Medvedev

TASS, 11.04.2018

Russia has all the prerequisites for climbing further in the Doing Business rating, despite the existing problems, Prime Minister Dmitry Medvedev said on Wednesday.

He was speaking in the State Duma, lower house of parliament, presenting a report on the work of the government.

Medvedev recalled that one of the Cabinet’s key tasks for 2012-2017 was creation of a more attractive business environment. In 2012, Russia ranked 120th in the Doing Business and its closest neighbors were Cape Verde and Costa Rica.

"One cannot say that Russia created perfect conditions in six years, it would be an exaggeration, there are still problems, but we moved up in the ranking by 85 positions and took the 35th place. No country in the world moved so fast in this rating. Now Russia stands next to Japan, and there are all the prerequisites for us to move up further," Medvedev said.

"Of course, such ratings as such are only indicators. However we could see the interest of investors watching the dynamics of foreign direct investments."

The Prime Minister recalled over the last six years in order to support the interest of investors his Cabinet developed special tax mechanisms, special agreements, conditions within specific territories. In particular for new industrial sites taxes were reduced or zeroed.

In addition investors received the right to reduce tax obligations by up to 90% via the mechanism of deduction of expenses they incurred on acquiring or reconstructing fixed assets, Medvedev said.

According to the Prime Minister, the Russian Direct Investment Fund, that was created six years ago, and its co-investors invested more than 1.2 trillion rubles ($18.6 bln) in national companies, focusing, among others, on projects in the field of infrastructure and technology.