Ernst & Young Global Chairman and CEO James Turley on improving investment and business opportunities in Russia in 2011

On behalf of the foreign members of the Foreign Investment Advisory Council (FIAC) in Russia, which I have the honor to coordinate, we appreciate the Russian government’s continued support in working to resolve issues affecting foreign investors.   Russia is an integral part of the global economy, and its economy is growing despite the recent economic crisis.  The government’s support is absolutely critical if Russia is to realize its economic modernization objectives and foreign investment potential.
 
Over the last year FIAC members have worked on a wide range of topics, including: migration and customs issues; energy efficiency; innovation and technology; administrative barriers; tax policy; the financial sector and capital markets; the retail and consumer sector, and the investment image of Russia.  

We viewed the appointment last fall of First Deputy Prime Minister Igor Shuvalov as Investment Ombudsman as a very positive and constructive step forward in this process.  FIAC members have had the privilege of meeting with Mr. Shuvalov on several occasions – most recently on the sidelines of the World Economic Forum in Davos – to address specific issues to improve Russia's investment climate, and I can say we enter 2011 with a sense of renewed purpose and cautious optimism about the progress that can be made on a number of fronts this year.
 
In particular, FIAC members are focusing on: Russia’s investment climate as a success factor in developing an innovation-based economy; developing innovative energy-efficient solutions for Russian manufacturing and energy production; improving tax and customs policies; encouraging the implementation of high technologies in the Russian economy; enhancing technical regulation and eliminating administrative barriers; and improving Russia’s investment image abroad.  
 
Working with Mr. Shuvalov and his colleagues, FIAC members are committed to accelerating the process of building a more competitive Russian economy in the 21st century.