Putin proposes creating "ecosystem" to support investment based on VEB

MOSCOW. Dec 3 (Interfax) - President Vladimir Putin has proposed to create a unified ecosystem for supporting investment based on state development corporation VEB with the participation of the Economic Development Ministry.

Speaking at state bank VTB's Russia Calling! forum, Putin recalled that every region of the country has already introduced a regional investment standard and development agencies have been launched at the regional level that support investors, and advise on how to register land, apply for support mechanisms and resolve infrastructure issues.

However, projects, particularly large ones, often go beyond the boundaries of one specific region, he said.

"Also, in the case of foreign investments, it might be beneficial to have a federal view on where it's better for foreign partners to implement a given project, what federal support measures to use," he said.

"For such initiatives I propose to create a unified ecosystem for supporting investment so that entrepreneurs, companies can get professional consultations, help throughout the lifecycle of a project, from its conception to implementation," Putin said.

"I propose to create such an ecosystem on the basis of the corporation VEB with the participation of the Economic Development Ministry," he said.

"The ecosystem will unite and synchronize the various existing investor support tools" available to VEB and the ministry, Economic Development Minister Maxim Reshetnikov was quoted as saying. The base for selecting sites for locating new production facilities will be the Russian investment map invest.gov.ru, which is being transformed into a unified ecosystem, Reshetnikov said. He added that the necessary consultations with VEB will take place in the near future.