Penza region to evaluated economic, social effect stemming from investment projects
Penza, 29 May 2016. PenzaNews. The Penza region government has approved the procedure to evaluate the positive economic and social effects of the regional investment projects.
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The document in question was developed as per Art. 1 of the 30 June 2009 law “On Investments and Public-Private Partnership in the Penza Region,” including amendments.
As per the law article, priority status eligible investment subjects can be selected from individuals and legal entities that fall in the scope of the law.
The procedure will affect only certain categories of investors, including newly-created enterprises and agricultural producers, while excluding concession or public-private partnership investments.
As per the procedure, each affected investor must provide an investment agreement request to the Penza region government.
Following that, in five business days the regional Ministry of Economy must complete the evaluation of economic and social effect from the investment project in accordance with its description.
The factors that will be evaluated during the economic effect evaluation are: economic result – the project must be able to bring net profit (after taxes) no later than on the third year after full opening; executive result – the investor subject must not be undergoing termination, restructuring or bankruptcy procedures, and must not be suspended.
The factors that will be evaluated during the social effect evaluation are: the project’s capacity to create at least 30 new jobs; and the project’s salary level, which must not be under the January 1 Penza region average in the field on the year of investment project application submission.