‘I hope the new finance minister will understand’: Minullina ‘pushes through’ investor support
The Tatarstan governor approved only the concept of building a crematorium at Kurgan burial complex
“What are the expectations from the appointment of the new finance minister? This is support for investors, or rather programs that will help stabilize the financial models of investment projects,” head of the Tatarstan Investment Development Agency (TIDA) Taliya Minullina shared with journalists during a board meeting. Sanctions, the high key rate of the Central Bank and the personnel shortage scare off new investors, but due to the long investment cycle, Tatarstan remains a leader in the inflow of private capital — for the first time, the threshold of a trillion rubles has been reached. Read about the outcome of the Indian forum in Kazan, why the construction of the crematorium was given to local, not St Petersburg investors, and which of the heads seemingly “missed” 350 million rubles in a report of Realnoe Vremya.
Kazan was visited by 87 countries of the world — and what is the outcome?
After holding the international BRICS Summit, Kazan strengthened its reputation among foreign countries and companies, but businesses are unable to “convert” recognition into business contracts and connections. Large international forums, which last year attracted business delegations from China, Turkey, and the UAE to Kazan, sometimes go to waste due to the unpreparedness of Tatarstan businesses for substantive negotiations.
With an insistent call to be more active, Taliya Minullina opened the reporting board of the Tatarstan Investment Development Agency, dedicated to the results of 2024.
The short speech with critical notes was not accidental. Last year, the TIDA team launched large-scale exhibition and congress activities, organizing a record number of public events with guests from the Middle East and Southeast Asia. Kazan was visited by delegations from 87 countries, but have we become closer?
“We spent a lot of effort, and what is the result? Are our industry departments ready for negotiations with investors? To what extent do our industry departments know where private investment is needed, under what conditions are they ready to accept into the industry,” she pointed out the inexplicable passivity of the Tatarstan side.
According to her, this is “one of the weak points” in the huge network of international contacts of Tatarstan. Moreover, competitors from neighbouring regions actively use the platforms of international forums. They attract foreign partners to themselves. “You see, they do not entice, they just get to know and take them home. We do not have time to look back. But we would like our companies to benefit. Try to travel to 87 countries?” she lamented later during the meeting. The head of TIDA noted that they are going to fight passivity in a targeted manner. “Specific proposals are needed from departments, with whom they would like to cooperate. There should be detailed preparation for negotiations with partners,” she instructed.
Portrait of the “ideal” investor in the eyes of TIDA
However, the main topic was the discussion of the investment climate, or rather the freezes. Sanctions, the protective interest rate of the Central Bank and the personnel shortage are three challenges that can slow down investment activity. The solution is to find the ideal investor. As the head of the AIR stated, taking a loan for an investment project today is tantamount to suicide, and the critically low unemployment rate makes it pointless to attract an investor. “There is no one to work — there are no people,” she pointed out.
The head of TIDA outlined the portrait of the “ideal investor.” “What kind of investor do we need? One who is focused on high-tech types of business, with a minimum number of jobs, and one who is based on domestic developments and has a profitable business, who is ready to implement a project without borrowed capital,” said Taliya Minullina.
Do you have any in mind? Later, she told Realnoe Vremya that this description fits the production that will open in the summer with an investment volume of 400 million rubles.
Speaking of results, in 2024, investments in fixed assets, excluding budgetary ones, exceeded a trillion for the first time. Tatarstan ranks sixth in fixed capital investments based on the results of 9 months. Businessmen from 16 countries and 36 constituent entities of the Russian Federation invested in the republic. A third of the investments were directed to manufacturing industries, more than 20% to logistics, as well as information technology. 109 facilities were built entirely with private investment.
The crematorium investor will have to take on social obligations
A local company that has taken on one of the high-profile investment projects of 2025 corresponds to the image of the “ideal investor.” We are talking about the construction of the first crematorium in Tatarstan in Kurgan burial complex. Its investor is Concept-Industry company from Kazan, close to the developer SMU-88. According to Spark-Interfax, the sole owner is Nail Galeev who controls several construction companies.
The concept of the crematorium was presented at a board meeting by Executive Director of Concept-Industry Galiya Kuchumova. According to her, the complex has an area of 2.3 hectares. The investor will invest 400 million rubles, of which 95% will be borrowed. However, the loans will be issued within the group of companies, and the investor himself does not intend to attract bank loans, clarified Galiya Kuchumova.
Next year, the company plans to begin construction if the project is approved by the Investment Council of the Republic of Tatarstan. The appeal was made in connection with the fact that the developer intends to receive the site without bidding. If they give the go-ahead, the crematorium is promised to be put into operation in 2029.
Why did they choose a local investor if earlier 4-5 companies from St Petersburg and other cities applied for this project. “It was important for us that they fulfil their social obligations,” Taliya Minullina explained to journalists. “We are talking about a social quota that the investor will be obliged to provide to the authorities for the cremation of lonely, low-income people. The model is being finalised with the Ministry of Labour of the Republic of Tatarstan, when it is necessary to bury at the expense of the state. What the quota will be — I can’t say.” The Tatarstan governor has only approved the concept so far, and Ilsur Metshin has fully supported the project. Is there approval from the clergy? “We have a multi-faith republic,” Minullina answered hopefully.
Will the new Tatarstan Finance Minister consider the issue?
At the board meeting, the head of the TIDA spoke in favour of adopting regional measures to support investors. According to her, it is necessary to introduce an investment tax deduction, which has long been in effect in the country, to allocate funds for PPP projects, as well as for offset contracts. She addressed these wishes to the new Tatarstan Finance Minister.
“To support investors, we need programmes that will help stabilise financial models. Until now, donor regions have been in no hurry to share risks with investors. But maybe it is worth adding 10 percent, this will be able to feed the economy, she believes.”
In conclusion, Minullina said that the forum with India was a response to the request of big business. “Managers came up and asked: “Why is there China, but not India?!” There are not many friendly countries, and India is one of them,” she explained, adding that the huge market can be developed.