The Russian Government is stepping up efforts to bring the economy of the North Caucasus out of the shadows. In this connection, Russian Prime Minister Mikhail Mishustin has signed a decree instructing to increase investment attractiveness.

The document states that by July 1 the Ministry of Economic Development and the Ministry of Finance should develop a model of state support of the investment attractiveness of the North Caucasus Federal District (NCFD).

By August 1 the departments, together with the Federal Tax Service (FTS) should present a system of measures for reduction of shadow sector share in the region's economy.

Mishustin also instructed the Ministry of Economic Development to prepare proposals on the conditions of provision of land plots on the territory of special economic zones of the North Caucasian Federal District for the needs of strategic investors.

In spring the Accounts Chamber reported that for 10 years of the development institutions of the North Caucasian Federal District, the agencies were unable to achieve a positive impact on the productivity of the individual industries and the economy of the region as a whole. Since 2011 the gross regional product has decreased by 2.6%.

Made in Russia // Made in Russia

Author: Maria Buzanakova