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04 October 2012

Russia Reforms Fishing Industry

The Russian government plans to approve the “Fish industry Development Concept for 2012”

I told in my previous posts that I regularly learned about news telling of measures developing to improve Russian fishing industry. So, the latest program of which I’ve recently learned, is aimed to significantly change the present operation system, reduce state supervision, and allocate additional funding to Russia’s fishing companies, fish processing plants and hatcheries.
In particular, it proposes to limit the unprocessed fish products export in order to stimulate development of domestic processing plants. To do that the Russia’s Fishery Department advised the government to cancel the VAT refund for fish exports as well as smaller fee for the use of aquatic resources for those companies that export unprocessed fish.
Another major innovation will be a creation of fish exchanges that should allow the state control of fishery products prices. Besides, it’s a well-known fact that the largest share of fish products imported in Russia is those with high added value, while Russian companies export mainly unprocessed fresh or chilled fish, thus missing the opportunity to earn more money by selling deeply processed fish products. In the government’s opinion, fish exchanges should reverse this situation and help promoting domestic fish processing industry.
Another important point is support the fisheries in coastal regions of the Russian Federation. The first such program has been introduced in the Sakhalin region where companies received $ 330 million from the state budget. Similar programs will soon be adopted in all regions of Russia.
In my opinion, these measure can open wider doors for investors, both domestic and internationals, interested in starting a promising business in Russia.

Posted on 10:37 AM | with 0 comments
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