Investment portal of Arkhangelsk readable for foreign investors

Ministry of Economic Development of the Arkhangelsk region has launched an English version of the Investment portal of the Oblast (www.dvinainvest.ru). The information resource on investment activity has been opened for foreign partners who are interested and willing to develop their business in the Pomor Land, says the web-page of the regional Government (www.dvinaland.ru).

According to Andrey Dunayev, Head of the Department for investment policy and external-economic activity, attraction of foreign investments is one of the priorities for the regional investment policy. Foreign investments, first of all, help to transfer advanced technologies and establish hi-tech productions, and they also make the area more attractive on the world market.

- At present there are 104 companies with foreign capital working in the Oblast, and the total volume of foreign investments over nine months of 2010 is USD 123 million, 81% of which is in the processing industries, noted Andrey Dunaev.

Today the regional Ministry of economic development is cooperating actively with Chambers of commerce and trade representatives in other countries, a program for marketing investments has been developed and an Advisory Council is being established for foreign investments. The main objectives of the Council are to create conditions for direct investments in the economy of the Arkhangelsk Oblast, to assist joint ventures with foreign participation working on the territory of the Oblast, to provide support to export-oriented local companies, and to create favorable conditions for foreign companies developing their business on the territory of the region.

According to the reputable agency “Expert RA” in the result of working on the improvement of the investment climate the Oblast has taken the 5th place in the country in terms of investment dynamics.

Availability of information resources of the official authorities in a foreign language will soon be a requirement in Russia. According to the public administration reform developed by the RF Ministry of economic development by 2012, all the state authorities are expected to create English versions of their web-pages. There should be a special procedure worked out on the federal level for translating official papers and regulations into a foreign language. Besides, one fifth of all the federal officials will have to speak a foreign language fluently.

Text: Anastasia Sazhenova