Russia will simplify doing business from OIC countries
In Russia, the idea of simplifying the business registration procedure for foreign investors wishing to invest in the country's economy is being considered. Investors from the Middle East and Southeast Asia are already in an advantageous position to undertake projects in Russia, and in 2024 additional prospects may open up for them.
In December, information appeared about possible cooperation between investors from Saudi Arabia and the Russian Direct Investment Fund, which could lead to investments in Russian projects worth up to ₽1 trillion in the next two years. This will add to the already invested RUB 1 trillion over the past eight years, which has contributed to the creation of significant revenues for the recipient companies.
The main sectors of Islamic investment in Russia from the United Arab Emirates: wholesale trade and distribution, agriculture, transport and logistics, food production, construction services and other production, as well as halal tourism, which is already offered to guests in the Russian Caucasus and the Volga region.
It is expected that in 2024, in the Republic of Dagestan, Bashkortostan, Tatarstan and the Chechen Republic, new opportunities will appear for investors from the countries of the Middle East and Southeast Asia thanks to Russian “Islamic banking”. In particular, the field of Islamic finance is becoming an important area of interaction with the Islamic Republic of Iran. It is planned that this year the Iranian Trade Center will begin operating in the capital of Tatarstan, Kazan. It can become the main platform presenting the products of Iranian manufacturers in the Volga region. Partners from the Middle East also have an interest in projects for oil production and refining, and the acquisition of aircraft and helicopters produced in the republic.
The North-South international logistics transport corridor, to which 14 countries have already joined, also opens up great prospects for trade. Also at the stage of expert discussion is a project for the construction of a fiber-optic communication line between Russia, Kazakhstan and Iran with access to international lines along the coast of the Indian Ocean.
Let us remind you that new agreements on profitable investments of Islamic business and joint projects with Russian partners will be considered at the XV International Economic Forum “Russia - Islamic World: KazanForum”, which will be held on May 14-19, 2024 in Kazan.
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