Page 43 - RusRPTApr19

that the ministry has signed 33 special investment contracts by now and most of these contracts were signed with European companies. The minister recalled that during the year 2019 the mechanism of special investment contracts would be modernized. "First of all, there will be a focus on attracting technology, and not just investment, as originally planned," Manturov said. Special investment contract is a new mechanism to support foreign and domestic car manufacturers. Its key advantage is in guaranteeing standing taxation conditions in exchange for a guarantee of investments to be made by the business.
The development of trade between Finland and Russia is in line with the general development of Russian foreign trade. Due to the weakening of some ruble, the Russians have acquired fewer goods and services from abroad. With the rise in oil prices, the value of Russian goods exports has increased. According to Finnish customs, the value of goods exported from Finland to Russia last year was €3.3bn. This is 3% less than the previous year. 5% of goods exported to Finland from Russia went to value. In 2013, Russia still accounted for nearly 10%. Many machines and paper are exported from Finland to Russia. The value of goods imported from Russia to Finland last year was €9.3bn. This is 13% more than the previous year. In terms of value, goods imported from Finland into Russia came 14% in value. Value has increased mainly due to the rise in oil prices. Two thirds of the goods imported from Russia to Finland consist of fossil fuels. A significant part of the oil imported to Finland, however, ends up being refined. In addition, many wood, metals and chemicals are imported from Russia to Finland. According to Statistics Finland, the annual value of services provided by Finns to Russians is just under €1.5bn. Value has been growing for a couple of years, but the fluctuations in Russian tourism have a significant impact on it. There is a lot of ruble exchange rate on it. During 2018, the ruble weakened by almost 10% against the euro. During the holiday season at the end of last year, 10% fewer Russians stayed in Finland than at the turn of the year. Russians accounted for 12% of foreigners' overnight stays last year. In total, 5% of the services sold by Finns to foreigners are targeted at Russians. The value of the services provided annually to Russian Finns is just under €1bn. Russia's share of services purchased by Finnish foreigners is 3%. About half of the services provided by Russian to Finns are transport services.
43 RUSSIA Country Report April 2019 www.intellinews.com