ANNOUNCEMENT 15 Apr 2014
In April 2014, the government of the Russian Federation approved the State Program on Economic Development and Innovative Economy, with important changes concerning state support to the private sector and access of foreigners into the local economy.
NUMBER OF INTERVENTIONS
Government of Russia. Order dated 15 April 2014, N 316.
Resolution of the Russian Government No. 316-p of 15 April 2014 introduced the state program "Economic development and innovative economy" ('State Programme') up until 2020.
The Innovation and the Skolkovo subprogrammes are of special interest in terms of industrial policy interventions, while Investment Climate and SME subprogrammes lead to the introduction of foreigner-related measures.
The total volume of state subsidies from the federal budget for implementation of the State Programme are 929 billion RUB (ca. 26 billion USD). According to the projected budget, these funds shall be allocated in roughly equal amounts across the years up until 2020.
The main goals of the programme are:
The state programme includes the following sub-programmes:
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.