Mikhail Men: Russia is open for foreign investment in construction industry


Russia is open for investment in the construction industry, and the government is actively working on creation of favorable environment in this regard, said Minister of Construction, Housing and Utilities of the Russian Federation Mikhail Men giving a speech on the MIPIM-2016.

At the session of the newspaper “Vedomosti” the minister stressed that a record number of housing has been commissioned in the country for the second consecutive year, as compared to the Soviet period. “Over the past year the amount of economy class housing has increased by 30%,” he said.

According to him, the most important recent task for the market is to support housing demand, “and the state makes every effort for it”. “For the second consecutive year the program on the mortgage subsidy is implementing in Russia. As a result last year every third apartment bought on primary market with the involvement of a real estate loan has been purchased under this program,” said Mikhail Men.

At the roundtable discussion of PH “Kommersant” the head of the Ministry of Construction Housing and Utilities said that in order to attract investments the government is actively solving the problem of administrative barriers.

“The state authorities are carrying out extensive work to eliminate excessive administrative procedures and to shorten the terms of connecting facilities to utility services. It will result in a significant reduction of expenses and time of investor to complete projects,” said Mikhail Men.

Speaking at the RBC session, Mikhail Men said that a significant resource for integrated development in the cities with high investment potential for Russian and foreign investors is the reorganization of industrial areas, including involvement of such sites for housing construction.

“In 2015, the Russian State Duma has passed in the first reading the draft law on the special aspects of regulation of certain legal relations arising in connection with the complex development of industrial areas, aimed at improving the investment attractiveness of former industrial areas, taking into account the public interest of municipalities,” said the head of the Minstroy.

Stroitelnaya Gazeta