Rustam Minnikhanov: “We should increase our performance efficiency to attract investments”

On March 6 at a summary board session of Tatarstan Investment Development Agency Tatarstan President Rustam Minnikhanov said that the regional leadership and Tatarstan Investment Development Agency should increase their performance efficiency to achieve ambitious goals on attracting investments into Tatarstan economy.

To the point, the session was held within the framework of the Investment winter forum “Invest in Tatarstan”.

Chief Executive of the Agency Linar Yakupov made a keynote report. In particular, he told that the volume of capital investments excluding budget funds has been steadily growing since 2001 and made 461 billion roubles in 2013. Foreign investments amounted to 893 million US dollars, including 408 million US dollars of direct foreign investments. Linar Yakupov also noted that two years ago the share of foreign investments in the republic made only 11 per cent.

Turkey was the leading foreign investor in Tatarstan in 2013, with 24 per cent of the total investment volume. The largest part of foreign investments goes to the chemical industry.

Linar Yakupov told about work on promoting Tatarstan, attracting investors and facilitating the projects under implementation. He also reported that work on creation of industrial platforms in municipalities started in 2011 yields results. Small and medium-size companies are willing to run their business in Tatarstan regions. According to Linar Yakupov, Turkish companies engaged in manufacturing plastic items are going to launch their production facilities in Tyulyachi region.

Linar Yakupov continued that the investment volume will make 2 billion US dollars in 2015.

The agency is planning to introduce an electronic system for monitoring investment projects, developed by XYBase. According to Linar Yakupov, it will enable reducing the number of administrative barriers and time required for approval process.
Among negative factors, affecting the investment climate in Tatarstan, Linar Yakupov pointed out high energy supply and utility networking rates, high construction costs, expensive raw materials and logistics services and high loan interest rates.

Executive Director of World Association of Investment Promotion Agencies Carlos Bronzatto highly estimated the work being done in the republic on attracting foreign investments in Tatarstan and expressed his hope that Tatarstan leadership would always be up to date.

Summing up, Rustam Minnikhanov was pleased to note that currently the republic has potential investors, willing to work in Tatarstan.

At the end of the session, a Chinese company Haier and Kama industrial park “Master” signed an agreement on manufacturing refrigerators and domestic appliances.

“The republic is showing an upward trend. However, we should increase our performance efficiency to attract investments. We should determine strategic directions and follow them,” Rustam Minnikhanov concluded.