Investment legislation to be improved in Tomsk Region

The Tomsk Region Administration will have amended 30-40 legislative acts by the end of 2012 to streamline investment processes in the region.

"Together with our colleagues from the Region Department for Investments and Tomsk State University researchers we have analyzed the regulatory framework for investment processes and found deficiencies", says Yuri Gurdin, Deputy Governor of Tomsk Region. "We have already developed a roadmap for improvements".

The Region officials used the experience of the most advanced Russian regions such as Kaluga Region, the Republic of Tatarstan and Krasnodar Krai.

Background

According to the Tomsk Office of the Federal State Statistics Service, over the first six months of 2012 fixed investments in Tomsk Region grew by 12.8% versus 2011 and totaled 45.5bn rubles. In January-February last year the fixed investments in the region totaled 36.8bn rubles including 25.4bn rubles invested in medium and large businesses. This year investments in large and medium businesses grew by almost 20%, i.e. by 30.4bn rubles, including 17.8bn rubles companies' own and 12.5bn rubles borrowed capital – bank loans and allocations from the local and federal budgets. In particular, investments in mining and oil and gas production grew from 13.6bn rubles in 2011 to 14.8bn rubles in 2012. Investments in processing industry have more than doubled and grew to 4.4bn rubles. Investments in the transport infrastructure and communications grew from 3bn to 3.7bn rubles. Investments in real estate totaled 4.7bn rubles in 2012 versus 4.2bn rubles in 2011.

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