Chechnya: Economic Analysis - 1

Chechnya: Economic Analysis - 1

Investment, agriculture, taxes, budget

Investment partners

The parliament of the Republic has adopted a law "On the participation of Chechnya in public and private partnership projects." The adoption of the document is associated with the implementation of agreements on cooperation in the spheres of public and private partnership between the Government of the Chechen Republic and the State Corporate Bank for Development and Foreign Economic Development. According to the prime minister of Chechnya, the implementation of the agreement will provide investment opportunities worth about 7 billion rubles. 

Moreover, the project provides for the modernization of heating systems, water supply and sanitation, the creation of an integrated waste management system of production and consumption of secondary material resources.

Turkish business in Chechnya 

Representatives of the Turkish brand "Collins", specializing in the textile industry, visited Chechnya on an official visit. A member of the board of the holding, Rusbek Bisultanov, said that the company is planning to build a textile factory in Chechnya, which will create 10 thousand jobs.

Investment Projects

The government of the Chechen Republic adopted a republican target  program "On the creation of favorable conditions for attracting investment in the economy of Chechnya in 2012-2014." The key objectives of the program are the creation of investment platforms, an attractive investment image of the country, support for market promotion of innovative products, improvement of economic mechanisms to attract investments and support (financial support, tax rebates, etc.), facilitation of preparation of highly qualified personnel in the field of investments and increasing the number of competitive bids. The approved list includes 75 investment projects. The projects are expected to be implemented in the fields of industry, energy and agriculture, as well as the service sectors.

Islamic banking in Chechnya

Participants of the Fourth International Peace Forum "Islam - the religion of peace and creation" in Grozny discussed the possibility of creating an Islamic banking system in Chechnya. The resolution designated the task of implementation of Islamic banks and other financial institutions in Chechnya. According to forum participants, it is necessary to undertake the preparation of legislative and regulatory framework for Islamic banking and in doing so request the Russian government to implement pilot projects for Islamic banking and insurance companies.

Timur Utsayev, Grozny. Exclusively for VK

 

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