State Solutions debates at The Economist's Russia Business Summit in Paris
State Solutions LLP takes part in a top-level discussion on Russia's economic outlook and investment climate, structural obstacles for foreign companies and perspectives for doing business in Russia.
On 19 March, State Solutions LLP joined Europe's senior executives and Russia's government officials for a frank and open debate on Russia's economy considering the current investment climate, infrastructure and innovation, openness and transparency for doing business. The potential and strategy for improving foreign investment and keeping Russia's economy growing and attractive for business became one of the main themes of the Economist's Russia Business Summit at Pavillion Gabriel on Champs Elysees in Paris.
The summit opened with keynote addresses by Alejandro Jara, Deputy Director-General of the World Trade Organisation, Peter Balas, Deputy Director-General for Trade of the European Commission, and Pier Carlo Padoan, Deputy Secretary-General and Chief Economist of OECD. Mr Padoan, presenting OECD's economic outlook for 2013-2014, pointed at structural barriers such as public administration quality and corruption as major obstacles for economy growth. Christopher Lascelles of State Solutions LLP, in remarks with WTO's Alejandro Jara on the membership impact, stressed the incentives for Russia to facilitate free trade and the factors that would make Russia change in adhering to the WTO rules.
The event speakers in the stream 'Doing Business in Russia: perceptions vs reality', representing business leaders operating in Russia, shared their impressions from their experience and were united in commenting on the need for transparency and reliability of the legal and regulatory environment, and predictable governance framework to ensure further investment. Essentially, the business executives went on to highlight the need to raise the quality of public administration and ensure better regulation to secure long-term interests for foreign investment and improve efficiency.
State Solutions LLP's Alex Andreev, in remarks with the speakers, suggested that this indicates the apparent need for efficient and professional government relations and lobbying for businesses, comparing it to lobbying practices in the EU and the USA. Supporting the address of Igor Koval, Director of the Department of Investment Policy and Private-Public Partnership of Russia's Ministry of Economic Development, Alex highlighted the need for foreign businesses to increase awareness of the official tools for promoting their interests and overcoming obstacles, such as through the Foreign Advisory Investment Council, Business and Investment Ombudsmen, as well as through official lobbying on the government level.
The debate went on to discuss Russia's standing as an energy giant, economy diversification and innovation development, infrastructure investment, as well as the future of agribusiness, development of Russia's Far East and its cooperation with Asia. The event was attended by business leaders representing Bosch Group, JCDecaux, Safran, Verno Capital, General Electric, Total, Rusnano, Volvo Trucks, APM Terminals, Vinci, YIT Corporation, Louis-Dreyfus, En+ Group and other companies, as well as representatives of Ernst & Young and other professional services firms.
The Russia Business Summit has become a great productive platform to discuss real-life experiences and frank views on what businesses need today to increase their operations efficiency and long-term investment, as well as the perspectives for Russia's economy growth.
You can read more about this Economist's event here: http://cemea.economistconferences.com/event/russia-business-summit
State Solutions LLP are specialists in official government relations, lobbying and public affairs consulting to support businesses in Russia and the CIS. Our expert knowledge and thorough understanding of legislative, regulatory and administrative systems in the region enable us to provide effective and practical solutions for businesses across industries. Our practitioners in London and Moscow are competent and trustworthy professionals. Our strategic and practical advice enables our clients navigate markets, safeguard investments and run effective business operations in the region. All our services are provided in strict compliance with UK, Russian and CIS legislation.