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Investments in Chuvashia 2012
April 3, 2006 13:09

To ensure further attraction of investments, a number of normative documents have been passed, including the Act of the Chuvash Republic «On Investment Activities in the Chuvash Republic». It provides state guarantees the investors’ rights and breaks in profits tax and property tax.

The government has introduced a programme for the development of small business, set up a business centre, informational and lease infrastructure, Chamber of Commerce, exhibition centre, Small Businesses Support Fund and public organization of entrepreneurs.

The most prospective fields for financial injections are:
1) processing of agricultural products (industrial processing of hop, potatoes and vegetables);
2) leather production;
3) electro-technical industry;
4) instrument making,
5) building materials and ceramics;
6) equipment lease;
7) construction of assembly facilities.

On the whole, the republic’s economy features all industries, except for the non-ferrous industry. The largest shares belong to machine-building and metalworking (44.1%), electric power engineering (12%), foodstuffs (14.2%), chemical (9.8%) and light industries (8%).

The federal centre has allocated some 870m roubles to Chuvashia in 2006 (against 839m roubles last year) to further develop social infrastructure. This indicates increased confidence in the republic’s administration.

The funds will go to finish the construction of the Rehabilitation Centre in the city of Cheboksary and TB dispensary in the rural area, with sports and resort centres in the pipeline.

Some 30m roubles have been earmarked for the construction of the river port. 10m roubles are expected to finance the reconstruction of the airport and aerodrome in Cheboksary.

The government has fully accounted for the 839m roubles allocated in 2005:
Transport – 321.0;
Environment – 187,777m;
Housing construction – 94,547;
Utilities construction – 67 m;
Healthcare institutions – 65m;
Construction and reconstruction of educational centres – 37.5m;
Sports – 31m;
Cultural centres – 25.8;
Social institutions – 9m.

Nikolay Fyodorov, president of the Chuvash Republic, has recently held talks with Emil Markwart, Ost-Euro, working in Russia since 1992, Nicolas Drude, KfW, providing support to SME Lending in Southern Russia, and Klaus Brümmer, working at the German Fund to Support Small Entrepreneurs.

A conference held in December 2005 focused on legal framework for small enterprises, checks and balances between various branches of power and Germany’s experience in the use of State banks to back up small businesses.

Investment projects include the production of microprocessor controller devices, Russian informational terminal, electronic elements for the automobile industry, etc. All in all, 102 projects in:
1) automobile industry;
2) construction and construction materials;
3) foodstuffs;
4) farming including milk processing, mushroom growing;
5) hard liquor production and beer brewing;
6) education.

The Council on Investment Policy, established in March 1994, works to:
1) define the principles and strategy of investment policy of the Chuvash Republic;
2) define the best way to use the budget and non-budget financial resources in investment projects;
3) attract private, including foreign, investors safeguarding their business;
4) make research on various investment projects;
5) selects and evaluates investment projects to be implemented together with the government of the Chuvash Republic;
6) develop a competitive market and positive environment, providing exhaustive lowdown on the republic to possible investors.

The Council is chaired by Economy Minister Alexander Vorotnikov. The services of the Council are free.



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