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Taking part in the meeting were Chair of the Federation Council Committee on Budget and Financial Markets Anatoly Artamonov, President of the Russian Union of Industrialists and Entrepreneurs Alexander Shokhin, representatives of the concerned federal and regional executive agencies, NGOs and associations, as well as educational and research institutions.

In his opening remarks, Igor Levitin said regions must focus on initiatives for enhancing their investment appeal. This way, they can expand domestic manufacturing and replace imports, while preserving existing jobs and creating new ones.

The Commission Chairman, Sakhalin Region Governor Valery Limarenko, reported on proposals submitted by the regions for attracting investment against the backdrop of external sanction pressure.

Anatoly Artamonov called for stepping up efforts to attract investment, while taking into consideration the differences between regional economies.

Deputy Economic Development Minister Murat Kerefov reported on the Government’s measures to facilitate investment.

Deputy Presidential Plenipotentiary Envoy in the Central Federal District Artur Niyazmetov focused on measures to supports investors, including upgrading and scaling agreements on the protection and encouragement capital investment, investment-related tax deductions, support for industrial infrastructure and demand for domestic products.

Head of Delovaya Rossiya business association Alexei Repik emphasised the importance of setting up new manufacturing facilities to fill in for foreign companies leaving the market.

The proposals approved during the meeting will be forwarded to the State Council Working Group on Economic Issues and Preventing the Spread of the Coronavirus (COVID-19) for further review in cooperation with the Government Commission on Improving the Resilience of the Russian Economy under Sanctions.