The Investment Forum of the Russian- British Chamber of Commerce RussiaTALK was held in Moscow. During the meeting representatives of business communities of Russian and the UK discussed opportunities to inherence trade and investment relations. The forum took place at the same time a new plant of AstraZeneca was opened in Russian. AstraZeneca in one of the ARPM members.
Finance Deputy Minister of Russia, Maxim Oreshkin noted that new foreign investments are important for the Russian market. Those investments that bring not only new technologies, but also management experience. The participants of the talk agreed that in order to attract foreign companies it is important to improve the regulatory system. The work to improve it is being conducted both regional and federal levels.Vice President of the TPP, Grigory Petrov noted that Russian is not going to decrease the volume of trade with its primary economic parter- the E.U. and the U.K. in particular.
Another Vice President of the TPP, Dmitry Kurochkin spoke about the support measures to foreign investors in pharmacy. Thus, the adoption of the legislation on “odd man out” would have positive effect on foreign companies that have localized their production in Russia. Mr. Kurochkin mention the role of the cooperation between the state and business in healthcare. A third of the implemented projects was in healthcare area.
ARPM Director General, Victor Dmitriev also noted the important role of the localization of foreign companies in Russia. More than a half of the members of the Association are transnational companies that are developing their production in Russia. The current decline of the country’s economy did not influence foreign companies to leave the Russian market.
Today the Russian pharmaceutical market is in top 10 largest world markets. The value of the market was close to 30 billion dollars in 2015 and is continuing to grow despite the crisis. However, the industry has to solve the issues that prevent the market from foreign investors. Those are the status of a domestic producer that has to consider the depth of processing, the issues of parallel import and mandatory licensing. Harmonization of legislation with the EEU is also important to develop the export potential of the industry.
The speakers also discussed the investment attractiveness of different regions of Russia, and about success stories of different projects.