Russia, China planning to update agreement on promotion, protection of investments in 2024 - candidate for minister

MOSCOW. May 13 (Interfax) - Russia and China are planning to update the agreement on promotion and mutual protection of investments this year, candidate for economic development minister Maxim Reshetnikov said at a meeting of the State Duma Economic Policy Committee on Sunday.

"We plan the signing of an updated agreement on promotion and mutual protection of investments this year," Reshetnikov said.

The presidential order of this May sets ambitious tasks for export growth, while the refocusing of foreign trade "requires entering new markets, building new, enduring partnerships, and creating transport, logistic, payment and insurance infrastructure," he said.

"In order to become one of the world's four biggest economies [a goal set by the president for 2030], we need to develop a new economic growth model. A growth in investments is the key," Reshetnikov said.

"According to the presidential order, they [investments] are due to grow 60% in 2030, versus 2020. That would require predictable conditions for business, division of risks between investors and the government, and real benefits for investing companies," he said.

We are planning to broaden the use of investment tax deductions in the context of tax policy adjustments, Reshetnikov said.