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The Eighth Northern Dimension International Business Forum, held in St. Petersburg on April 6, 2017, focused on the development of new technologies and support mechanisms that could help the economic development of the Northern Dimension regions, including Russia’s Northwestern Federal District*.

VEGAS LEX Partner, Head of Energy practice Evgeniy Rodin spoke at the forum’s energy session, ‘The Mechanism of Returning Investment into Modernization Projects as a Way to Introduce Best Available Technologies (BAT).’ Energy companies should pay attention to the special investment contract (SIC) option and consider the positive results of its use across Russia, Mr. Rodin said. The expert spoke about the SIC and what companies need to do to use it, listed its advantages for investors and problems faced by those who decided to use this tool.

VEGAS LEX Commercial group associate Anastasia Cheredova spoke at a round table, ‘Aspects of Drug Provision: Availability of Innovative Drugs.’ Her report, ‘Investment Mechanisms in the Pharmaceutical Sector: Stimulating Local Production or Hedging Regulatory Risks?’ also drew attention to the SIC, but with reference to the pharmaceutical industry. She explained the need for moving pharmaceutical companies’ production facilities to Russia, what they can expect when concluding the SIC and what other investment options they can use.

The event was attended by representatives of Russian and European ministries and departments, representatives of domestic and foreign business, and civil society.

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* Source: TASS: http://tass.ru/obschestvo/4158887

For more information on the firm’s services to the energy sector, please go here.

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As usual, the Eighth Northern Dimension Forum was organized by the Northern Dimension Business Council and the Association of European Businesses in St. Petersburg. The Northern Dimension is a format for regional cooperation on a vast territory in northern Europe, a joint project of Russia, the EU, Iceland and Norway.