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Alexander Galushka joined the updated composition of the plenipotentiary commission on economic development of Russia

Alexander Galushka joined the updated composition of the plenipotentiary commission on economic development of Russia
Photo: photo from minvr.ru
Russian Prime Minister Mikhail Mishustin approved the updated composition of the government commission for economic development and integration. First Deputy Prime Minister Andrei Belousov headed the commission. The presidium of the commission, in addition to Andrei Belousov, included nine people: Alexander Galushka (RF Minister for the Development of the Far East from 2013 to 2018), Head of the Ministry of Industry and Trade Denis Manturov, Chairman of the Board of the Central Bank Elvira Nabiullina, Presidential Aide Maxim Oreshkin, Head of the Ministry of Economic Development Maxim Reshetnikov, Finance Minister Anton Siluanov, Head of the Ministry of Telecom and Mass Communications Maksut Shadayev and CEO of VEF.RF state corporation Igor Shuvalov. The key task of the government commission will be to ensure economic growth, facilitate the implementation of structural reforms and coordinate Russia's macroeconomic policy.

Alexander Galushka led the Ministry for the Development of Russia for 5 years, from 2013 to 2018. Under his leadership, new economic mechanisms for the development of the Far East, such as territories of advanced development, the free port of Vladivostok, state infrastructure subsidies, electronic visas for foreign citizens and others, were consistently developed and introduced. Together, these tools, recognized as innovative by many experts, were able to launch processes in the regions of the Far East that have so far ensured over 1,15 trillion investments and the launch of more than 300 new enterprises. 

After the termination of the powers of the Minister, Alexander Galushka focused on developing a mechanism for targeted project emissions using escrow accounts (for more details see EastRussia publication “Escrow well-being from ex-minister”). We are talking about the formation of an instrument of monetary issues of the Central Bank for the implementation of specific investment projects. Moreover, the key aspect of the proposed measure is its “non-inflationary nature” - according to the author, today it is possible to create such a chain of infusing money into the economy that the emission of money will not accelerate inflation. 

At the end of 2019, the head of the RDIF Kirill Dmitriev announced the creation of the National Agency for Attracting Investments in the Russian Regions. It was stated that it was Alexander Galushka who would head this structure.

It should be noted that the Governor of the Moscow Region Andrei Vorobyov, the head of Sberbank German Gref, the Governor of the Tula Region Alexei Dyumin, the Chairman of the Board of VTB Andrey Kostin, the Rector of the National Research University Higher School of Economics Yaroslav Kuzminov and the Rector of the RANEPA Vladimir Mau were excluded from the composition of the government commission on economic development and integration. At the same time, such figures were included as First Deputy Minister of Economic Development Mikhail Babich, Head of Opora Rossii Alexander Kalinin, President of the Chamber of Commerce and Industry Sergey Katyrin, General Director of the Russian Export Center Veronika Nikishina, Energy Minister Alexander Novak, Deputy Prime Minister Alexei Overchuk, Minister of Agriculture Dmitry Patrushev, Chairman of Delovaya Rossiya Alexey Repik, Moscow Mayor Sergei Sobyanin, General Director of the Agency for Strategic Initiatives Svetlana Chupsheva and President of the Russian Union of Industrialists and Entrepreneurs Alexander Shokhin.
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