The Foreign Investment Advisory Council was established in 1994 as a result of the combined efforts of the Russian government and foreign businesses to improve the investment climate in Russia.
The key task of the council is to assist Russia in forging and promoting a favorable investment climate based on global expertise and the experience of international companies operating in Russia.
FIAC functions on the basis of direct dialogue between the chief executives of investor companies and the Russian government, with a focus on the crucial aspects of fostering a healthy investment climate.
The council is chaired by the Russian Prime Minister and includes 54 international companies and banks: 3M Company, ABB Ltd., Abbott Laboratories, Alcoa Inc., AstraZeneca, BASF SE, Bayer AG, BP, BAT, Cargill, Inc., Carlsberg Breweries A/S, Danone, Deutsche Bank AG, The EBRD, ENEL S.p.A., eni S.p.A., EY, Exxon Mobil Corporation, Fortum Corporation, Henkel AG & Co. KGaA, Hyundai Heavy Industries Co., Ltd., International Paper, Kinross Gold Corporation, LafargeHolcim, Leonardo-Finmeccanica, Mars, Incorporated, METRO AG, Mitsubishi Corporation, Mitsui & Co., Ltd., Mondelez International, Inc., Nestle S.A., Novartis AG, Olam International Limited, PepsiCo, The Procter & Gamble Company, Royal Dutch Shell plc., Saint-Gobain, Samsung Electronics Co., Ltd., SANOFI, SCA, Schneider Electric SA, Siemens AG, Société Générale Group, SOLVAY Group, SUN Group, Takeda Pharmaceutical Company Limited, Telenor Group, Tetra Pak, The Coca-Cola Company, Total S.A., UniCredit, Unilever, Uniper and The World Bank.
Throughout the year FIAC focuses its efforts on major Russian economic and industry sectors covered by relevant working groups.
- Technical regulations and elimination of administrative barriersThe working group is coordinated by Unilever, PepsiCo.
- Improvement of tax lawThe working group is coordinated by EY.
- Improvement of customs lawThe working group is coordinated by Mars.
- Financial institutions and capital marketsThe working group is coordinated by Deutsche Bank.
- Trade and consumer sectorThe working group is coordinated by Nestle.
- Health care and pharmaceuticalsThe working group is coordinated by Novartis, AstraZeneca.
- LocalizationThe working group is coordinated by Mondelez, SCA.
- Efficient use of natural resources in RussiaThe working group is coordinated by Exxon Mobil Corporation.
- Image of RussiaThe working group is coordinated by The Coca-Cola Company, SUN Group.
- Energy efficiencyThe working group is coordinated by Siemens, Saint-Gobain.
- Innovation developmentThe working group is coordinated by ABB.
- Development of Far East and SiberiaThe working group is coordinated by Mitsui.
The working groups are composed of FIAC member company officials and the heads of the ministries and agencies concerned. They hold regular meetings during the year, the main goal of which is to develop specific actions and recommendations on the key issues of the Russian economy.
FIAC holds annual sessions with the government to discuss priorities in investment policy, analyze possible amendments for the resolution of current issues and identify measures for coordinated improvement of the investment environment, considering the interests of all parties involved.
In December 2009 the Chairman of FIAC, Russian Prime Minister proposed and the Council adopted new tasks and principles of FIAC to meet the challenge of converting the Russian economy to innovation-based development.
For this purpose, FIAC’s activities have been regulated by Decree No. 1141 of the Government of the Russian Federation of December 9, 2009.
Thus FIAC started working in a new format, with two main work streams:
- assistance in resolving specific issues encountered by foreign investors in their relations with federal executive bodies and executive bodies of constituent entities of the Russian Federation;
- expert support of priorities in work of the government, including the regulatory and legal framework.
Twenty-ninth session of FIAC has been the latest one and held in Moscow on October 19, 2015. It has adopted FIAC’s priorities for 2016 as follows:
- Administrative barriers and technical regulation
- Improvement of customs law
- Financial institutions and capital markets
- Trade and the consumer sector
- Energy efficiency
- Health care and pharmaceuticals
- Localization of production in Russia
FIAC also plans to be active in such areas as «Natural Resources,» «Development of the Far East and Siberia,» «Innovative Development,» «Improvement of tax law» and «Improvement of Russia’s Investment Image.»
During the year, from one plenary session to another one FIAC’s activities are coordinated by its Executive Committee, comprising the heads of working groups and chaired by the Minister of Economic Development. The Executive Committee plays an important role in coordinating FIAC’s activities. At committee meetings, the most critical issues are discussed: FIAC’s involvement in measures to engage investors in Russia’s real economy sector and securities market, preparation of decisions and follow-ups on decisions made at FIAC sessions and matters related to the rotation of FIAC members.
FIAC’s membership is continuously updated.
Members are rotated in accordance with the «Regulation on FIAC Member Rotation«, which establishes the principles of FIAC membership and the procedure for accepting and removing members.
FIAC membership is open to the companies that do business in priority areas for investment in the Russian economy, are active on the Russian market, take an active part in Russian economic reform and promote a positive image of Russia as a good place to invest.