The Foreign Investment Advisory Council was established in 1994 as a result of the combined efforts of the Russian government and foreign businesses to improve the investment climate in Russia.
The key task of the council is to assist Russia in forging and promoting a favorable investment climate based on global expertise and the experience of international companies operating in Russia.
FIAC functions on the basis of direct dialogue between the chief executives of investor companies and the Russian government, with a focus on the crucial aspects of fostering a healthy investment climate.
The council is chaired by the Russian Prime Minister and includes CEOs from 48 international companies and banks: 3M, ABB Ltd., Abbott Laboratories, Alcoa Inc., AstraZeneca UK Limited, BASF SE, BP, BAT, Cargill Inc., Deutsche Bank AG, E.ON SE, EBRD, ENEL S.p.A., ENI S.p.A., EY, ExxonMobil Corporation, Finmeccanica, Ford Motor Company, Fortum Corporation, Intel Corporation, International Paper, Kinross Gold Corporation, Lafarge Group S.A., Mars, METRO Group, Mitsubishi Corporation, Mitsui & Co., Ltd., Mondelez International, Inc., Nestle S.A., Novartis AG, PepsiCo, Procter & Gamble, Renault, Royal Dutch Shell, S.A. Saint-Gobain, SANOFI, Siemens AG, SOLVAY S.A., SUN Group, Теле2 АВ, Telenor Group, Tetra Pak, The Coca-Cola Company, Total, UniCredit, Unilever, United Technologies Corporation, and The World Bank.
Throughout the year FIAC focuses its efforts on major Russian economic and industry sectors covered by relevant working groups.
- Technical regulations and elimination of administrative barriers
- Improvement of tax law
- Improvement of customs law
- Financial institutions and capital markets
- Trade and consumer sector
- Efficient use of natural resources in Russia
- Image of Russia
- Development of Far East and Siberia (video)
- Energy efficiency
- Innovation development
The working groups are composed of FIAC member company officials and the heads of the ministries and agencies concerned. They hold regular meetings during the year, the main goal of which is to develop specific actions and recommendations on the key issues of the Russian economy.
FIAC holds annual sessions with the government to discuss priorities in investment policy, analyze possible amendments for the resolution of current issues and identify measures for coordinated improvement of the investment environment, considering the interests of all parties involved.
In December 2009 the Chairman of FIAC, Russian Prime Minister Vladimir Putin proposed and the Council adopted new tasks and principles of FIAC to meet the challenge of converting the Russian economy to innovation-based development.
For this purpose, FIAC's activities have been regulated by Decree No. 1141 of the Government of the Russian Federation of December 9, 2009.
Thus FIAC started working in a new format, with two main work streams:
- assistance in resolving specific issues encountered by foreign investors in their relations with federal executive bodies and executive bodies of constituent entities of the Russian Federation;
- expert support of priorities in work of the government, including the regulatory and legal framework.
Twenty-sixth session of FIAC has been the latest one and held in Moscow on October 15, 2012. It has adopted FIAC's priorities for 2013 as follows:
In 2010 domestic and foreign investors received the ombudsman appointed by the Government of the Russian Federation in order to protect investors interests. He has received more than 90 complaints from foreign investors. The major part of them has been settled positively.
- Energy efficiency
- Administrative barriers and technical regulation
- Customs law
- Tax law
- Banking sector and financial markets
- Commerce and the consumer sector
- Enhancing Russia's investment image
- Efficiency of use of natural resources
During the year, from one plenary session to another one FIAC's activities are coordinated by its Executive Committee, comprising the heads of working groups and chaired by the Minister of Economic Development. The Executive Committee plays an important role in coordinating FIAC's activities. At committee meetings, the most critical issues are discussed: FIAC's involvement in measures to engage investors in Russia's real economy sector and securities market, preparation of decisions and follow-ups on decisions made at FIAC sessions and matters related to the rotation of FIAC members.
FIAC's membership is continuously updated.
Members are rotated in accordance with the "Regulations on the Rotation of Members of the Foreign Investment Advisory Council in Russia", which establishes the principles of FIAC membership and the procedure for accepting and removing members.
FIAC membership is open to the chief executives of companies that do business in priority areas for investment in the Russian economy, are active on the Russian market, take an active part in Russian economic reform and promote a positive image of Russia as a good place to invest.