Chechnya: economic overview

Chechnya: economic overview

The Federal Tax Service department in Chechnya has a round-the-clock
service receiving corruption reports. According to the head of this
department, Islam Vazakhanov, the service was opened to receive extra
information on corruption.

Forestry


Representatives of the Chechen Ministry of Forest Economy have
returned from the exhibition ‘KrasnodarEXPO’. Chechen foresters
reported that the greatest demand is for mine-clearing in forests.
7456 hectares of Chechen forest are under threat.

Restoration of Grozny’s communal systems


The presidential envoy to the North Caucasian Federal District,
Alexander Khloponin, met Chechen ministers to hear their problems in
demanding support from the federal center. Full restoration of
Grozny’s communal systems will need an additional 8.3 billion rubles.
Without federal support there can be no effective business
development.

Taxi drivers to be registered


The Federal Tax Service department in Chechnya inspected private taxi
businesses together with police. The inspection showed that many taxi
drivers were not registered and did not know about the necessity to
register before starting a private taxi business.

Private capital in Chechnya


Foreign investors put one billion dollars into the Chechen economy and
Chechen President Ramzan Kadyrov emphasized that this was not state
money. He said that the investors come from Turkey, Slovenia and other
European countries. Kadyrov hopes to reduce the unemployment level
from 40% to 20%.

Obstacles in expanding the banking system


Russian Premier Vladimir Putin said that the Chechen banking system is
developing, based on the needs of its citizens. Presidential envoy
Alexander Khloponin proposed stimulating the banking sector in
Chechnya, mainly in developing banks that will support small and
medium-scale businesses.

Price rise control


Chechnya plans lowering prices for vital medication to 30%. The
Russian government has approved the list of vital medications. The
highest retail price cannot exceed 24% extra for medicine produced for
550 rubles, and 30% for medicine produced for 50 rubles.

Sberbank in Chechnya


A Sberbank branch has opened in a building provided by the republic's
government, with an area of 521.5 sq m. The bank will have separate
halls for citizens and corporate clients. The bank will have
payment-information terminals.

Technical creativity


An exhibition of the republic's programs and projects has opened in
Grozny, entitled ‘Scientific-technical creativity of the youth of the
Chechen Republic’. Approximately 30 projects participated in the
contest . The winners will have a chance to participate in the
All-Russian exhibition ‘NTTM-2010’ in Moscow.

Timur Utsayev, Grozny. Exclusively for VK

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