Regional authorities take all the necessary measures to create a positive investment climate in the region, these measures mostly include the optimization of the regional legislation.
The regional legislation system, regulating all the investment processes, guarantees that all investors regardless of the form of their business are entitled to equal rights. All of them are provided with the same state support during the implementation of the investment project. The law guarantees the security of the invested capital and creation of favourable conditions for investment.
The further development of the economy and social sphere was supported by 56,4 billion rubles in 2012, according to the experts’ estimation this support will reach 58,6 billion rubles in 2013.
The following large scale investment projects are being implemented in the region: OJSC «Concern Rosenergoatom» Smolensk Power Plant», OJSC «Igorevsky wood processing plant», branch of OJSC «MRSK-Centre» - «Smolenskenergo», OJSC «Dorogobuzh», ZAO «Tander», Llc «Egger Drevprodukt Gagarin», ZAO «APF «Nasha Zhitnitsa», ZAO «Glass works Vorga». Llc «Gagarin-Ostankino», Llc «KROL & K”, ZAO “Zolotaya Niva”, etc.
The significant inflow of investments into the regional economy serves as a sufficient proof of its attractiveness for foreign and national investors. The volume of the investments in 2013 reached the amount of 381,9 million US dollars.
The long-term program “The economic development of the Smolensk Region including the provision of favourable conditions for investment activity and entrepreneurship” is aimed at the further improvement of the regional investment climate, and creation of favourable business conditions. The implementation of the state programme consists of two stages. The total volume of the financial support for the regional program is 712,7 mln rubles apart from extra-budgetary funds.
The main measures of the regional state program in 2014 include:
- adoption of strategic documents ensuring the favourable investment climate in the Smolensk Region;
- creation of favourable administrative environment for investors;
- development of financial mechanisms for attraction and support of investments;
- creating and sustaining the positive image of the Smolensk Region;
- creation of a well-developed infrastructure for small and medium enterprises;
- granting financial support for small and medium enterprises and infrastructure organisations providing services for small and medium enterprises.
The development of the business infrastructure, in particular, special zones with industrial and logistics parks, is considered to be of primary importance for potential investors.
Several zones have already been created in Smolensk, Gagarin, Roslavl, Kholm-Zhirky.
The investment climate, reflecting the general economic situation and perspectives for development, includes such key elements as investment potential and investment risk. “The rating agency “Expert RA” provided the investment rating evaluation of the Smolensk Region. In December, 2013 Smolensk received the 3B1 rating which is also given for 36 Russian regions. It is characterized by low potential and moderate risk. In 2012 Smolensk took the 45th place among other Russian regions for the level of investment risk, the ecological risk is considered to be the lowest in the region. Smolensk also takes the 56th place for the level of the investment potential (compared to the 46th place in 2012), with the institutional risk being the lowest.