7 September 2017

Entrepreneurship in the Russian Far East: Risks and Protection

A session was held on 7 September at the Eastern Economic Forum to discuss problems that entrepreneurs encounter in the Far East.

Presidential Commissioner of the Russian Federation for the Protection of Entrepreneurs’ Rights Boris Titov said during his opening remarks: “If we want to attract investment to the Far East, we need to speak about the conditions for doing business and its protection”.

The theme of protecting protection was further addressed by Prosecutor General of the Russian Federation Yury Chayka. He spoke about the measures the Prosecutor General’s Office has taken to protect entrepreneurs, including at the legislative level.

Deputy Minister for the Development of the Russian Far East Alexander Krutikov noted that the work to reduce the administrative burden on businesses is a priority for the ministry. He also suggested creating a working group to protect the rights of investors, introducing a special system to assess the performance of regulatory and supervisory bodies, adopting a bill on a new model for the work of regulatory and supervisory bodies in advanced special economic zones and the Free Port of Vladivostok, and organizing work to support investors through a full-fledged electronic point of single contact for all government and supervisory bodies in the Far East.

State Secretary and Deputy Minister of Economic Development of the Russian Federation Oleg Fomichev noted that while the necessary conditions have been created for big business to work in the Far East, small businesses need unconventional solutions in terms of non-economic regulation. The entire corporate and regulatory document system is undergoing a large-scale reform at the federal level for this purpose, he said.

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