Attracting investment to Russia's regions

© Maxim Shemetov
The St. Petersburg International Economic Forum (SPIEF) on Thursday held its first session called Russia’s regions: new growth areas. The event aims to develop investment opportunities and improve the export potential of the Russian regions.

The participants in the central Russian city of Nizhny Novgorod discussed the development of regional projects with export potential that could attract investments.

They will be presented with a new platform for promoting projects during the St. Petersburg Forum next summer 2016, according to a news release.

The event was held in association with the Russian Foreign Investment Advisory Council, the Agency for Strategic Initiatives, the Russian Export Center and the multinational professional services firm EY (formerly Ernst & Young). Six more sessions will take place in different Russian regions next year.

READ MORE: 2015 St. Petersburg International Economic Forum

There are a number of promising projects and companies in the Russian regions which could grow into major businesses and expand into global markets, according to Andrey Nikitin, CEO of the Agency for Strategic Initiatives.

He added that would lead to “increased investment attractiveness not only for specific projects, but for the country as a whole.”

 “A key indicator for us is any increase in new exporters of goods from outside the oil and gas sector.  This is our primary task,” said Peter Fradkov, CEO of the Russian Export Center.