Volga | Finance, business

Investors deterred by federal problems and avoid investing in regions – Governor Belykh

3 Oct '13
Governor Nikita Belykh of the Kirov region (in the Volga area) shared with portal Newsler.ru his opinion regarding investors’ general unwillingness to take their money to Russia’s regions.

He believes that “there are two problems that must be addressed somehow at the federal level.” The first one is a lack of “coordination of activities among Russia’s development institutions (Rusnano, Russian Venture Company, VEB Bank and some other state-owned giants).” According to Mr. Belykh, “even the top managers of these institutions admit to the fact that there’s little or no coordination among them. Each of them establishes relationships with the regions on an individual basis—and not always in an efficient way.”

Problem number two lies in the low efficiency of the work of federal authorities. Mr. Belykh emphasized that at the moment, any decision that “authorities make regarding investment projects is a matter of personal deal,” not binding legally. “What we need is certain standards described as a set of rules and laws that leave room for no misconstruing,” the Kirov governor thinks.
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