In the Irkutsk region, an Investment Memorandum has been approved, defining key areas of support for investors and intended to improve the region's investment appeal. The document sets investment policy priorities and outlines measures to build infrastructure, operate a one stop specialized organization, and train personnel for investors needs. By year end, an investment internet portal is planned to launch and a report on the investment climate in the region to be prepared.

This is stated in the region’s Investment Memorandum, which was approved the day before by the Governor of the Irkutsk Region, Sergey Eroshchenko. The document defines the main directions and types of support for investors in the Angara region. The Investment Memorandum is part of a set of measures being carried out by the regional government and aimed at increasing the investment attractiveness of the Irkutsk Region, as well as at being included in the list of pilot constituent entities of the Russian Federation in which the Standard for the Activities of Executive Authorities to Ensure a Favorable Investment Climate is being implemented.

The memorandum is a working document that will be regularly updated. It reflects legislative norms, the public recording of the obligations of the parties involved, and the principles and forms of interaction between the Government of the Irkutsk Region and potential and existing investors. The document makes it possible to determine the priorities of investment policy and identify types of activity that require state support to attract investment. The choice of priorities is determined by the region’s existing and potential competitive advantages.
The next stage after the approval of the Investment Memorandum will be the formation of mechanisms for the system of support for investment activity in the Irkutsk Region. The Governor instructed the economic bloc of the Government to work on this issue. The list includes the formation of a plan for infrastructure facilities necessary for investors (transport, energy, social, engineering, utility, and telecommunications), the work of a specialized organization for attracting investment that will provide a “one-stop shop” regime, help create teams to support and implement specific investment projects “turnkey,” and promote them in Russia and internationally. The economic bloc will also develop mechanisms for vocational training and retraining in specialties corresponding to the investment strategy of the Angara region and the needs of investors, and will prepare a forecast of the regional labor market’s need for specialists in various fields for a period of at least 7 years.
The next stage in implementing the mechanisms of the investment support system will be the launch at the end of 2012 of a specialized Internet portal on investment activity, which will present information about the investment strategy and infrastructure, as well as potential investment areas. In addition, feedback will be organized on the site for more prompt consideration of investors’ inquiries.
In addition, at the end of this year, a report on the state of the investment climate in the Irkutsk Region will be prepared.
Based on materials from the press service of the Governor of the Irkutsk Region and the Government of the Irkutsk Region