Saint Petersburg and the Leningrad oblast declared a joint policy in economy, industry and investments.

On 31 May 2013, Irina Babyuk, chairman of St Petersburg Investments Committee, submitted a report in the framework of the government’s briefing “Economic, industrial and investment policy of St Petersburg and Leningrad Oblast”.  

The event was initiated by the Association of the European Business, one of the Russian Federation’s key partners in supporting direct investments in and modernization of the country’s economy.  Among the briefing guests were officials of 59 transnational companies working in Russia. The subjects dealt with at the briefing included the possible forms of cooperation with the European companies on co-development of priority industries in St Petersburg and the reduction of administrative barriers.

In her report, as head of the St Petersburg Investments Committee, Irina Babyuk pointed out that for the foreign investor it is important now to improve the practice of law application in investments and to provide a site for direct interaction with power. The committee chairman invited guests of the briefing to monthly sessions of the expert council supervised by the Investments Council.

“It is at the Investments Council that the companies can promptly resolve the issues required for speeding up project implementation. It must be noted that by putting the projects on the Council agenda the city does not restrict the amount of investments since this is a secondary parameter. It means that if the project is found socially significant and with implications for the city’s development, then the Committee is prepared to consider proposals not only from major investors, but also from small and medium businesses.” emphasized Irina Babyuk.

  Also, during the meeting the Committee head dwelt on the trends and avenues of work that will be discussed at the joint investments council of St Petersburg and Leningrad Oblast in June. Irina Babyuk noted that for the investor the city and oblast are a single economic link for project implementation, which is why the regions seek to establish partnerships, including for mutually beneficial employment of the personnel and for analyzing the correspondence between the packages of measures aimed at the financial and organizational support of investors.