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Mr Putin expressed confidence that the national investment climate would soon improve, and the country would receive additional foreign investment.

The Acting President noted obvious successes in the country’s development in the last few years and spotlighted the need for additional efforts to improve the investment climate and to ensure economic transparency. He said the Government would consistently modify the national tax legislation, protect investors and private property, facilitate the repatriation of Russian capital, fight corruption and thwart violations of intellectual-property rights.

Mr Putin called on Council members to conduct an active discussion and to propose recommendations for national executive agencies.

The Russian Government’s Advisory Council on Foreign Investment was established in 1994 in order to streamline interaction between the executive branch and top executives of major foreign companies working in Russia. The Council comprises representatives of 26 foreign companies, the European Bank for Reconstruction and Development and other international financial organisations, as well as representatives of the Russian Economics Ministry, Finance Ministry, Central Bank, Trade Ministry, Foreign Ministry, the State Customs Committee and State Duma deputies.