Martin Shakkum, chief of State Duma’s Committee for Construction and Land Relations, thinks President Vladimir Putin will sign the Act on Foreign Investments in Strategic Industries.
Photo: Dmitry Dukhanin
| Other Photos |
 |
|
 |
Putin to Make Last Investment Contribution
The Act on Foreign Investments in Strategic Industries that the State Duma passed Friday after the 6-minute deliberation will take effect in April or in May. According to Martin Shakkum, who is the chief of State Duma’s Committee for Construction and Land Relations, there are no plans to amend the bill and it may become a law once inked by President Vladimir Putin.
Passing the bill, Shakkum went on, will protect national interests and create conditions for establishing predictable and transparent business climate for a foreign investor. Of interest is that the official doesn’t expect the bill to fuel the foreign money inflow. “Nowadays, nothing limits foreign investments to the RF and introduction of any regulation won’t step them up. But they won’t get where we don’t need them. They won’t be used to buy out strategic enterprises, they will go to the industries that are more vital for us,” Shakkum explained.
The bill has no retroactive force and doesn’t cover the deals made before its adoption. At the same time, it gives six months to nonresident investors to notify the authorized body about owning more than 5 percent in strategic enterprises.
Besides, the bill authorizes the FSB to launch the search in respect of any strategic enterprises should a nonresident investor hold over 5 percent in it. The purpose of FSB officers will be to clarify the extent of control of the foreigners. The effect of this section on investment climate in the country could be rather weighty. So far, the FSB hasn’t paid frequent visits to the foreign companies here.
www.kommersant.com
All the Article in Russian as of Mar. 24, 2008
|
|
|
