Tatarstan Government and PricewaterhouseCoopers sign agreement of intent

October 9, 2008 — Today at the Cabinet of Ministers in Kazan, an agreement of intent between the Republic of Tatarstan and PricewaterhouseCoopers was signed by Tatarstan’s prime minister, Rustam Minnikhanov, and the managing partner of PricewaterhouseCoopers in Russia, Peter Gerendasi.

As Mr Gerendasi told journalists, the agreement establishes the basis for mutually-beneficial cooperation to secure favourable economic, social and, most importantly, investment opportunities for the Republic of Tatarstan.

The document above all is intended to attract investment by promoting Tatarstan’s industrial potential among the international business community. In addition, Peter Gerendasi stated that PwC will help local companies and businesses participate in international conferences, symposiums and other events.

According to Gerendasi, the companies working with PwC in Tatarstan today are highly transparent.

“The level of transparency of these companies is no lower than that of other global names operating in the international market,” said Gerendasi.

PwC professionals will work to improve competency in International Financial Reporting Standards as well as increase industrial companies' overall financial literacy.

During the meeting, Prime Minister Minnikhanov and Mr Gerendasi discussed the current financial crisis and its effect on international markets.

According to Prime Minister Minnikhanov, everything will now depend on efficiently and effectively executing the decisions that have already been made. Tatarstan’s head of government noted that the crisis is already beginning to affect the republic, citing a decline in the engineering industry’s development and cutbacks to a number of investment programmes.

“All this may have an overall effect on the republic's budget. Many adjustments will have to be made,” Minnikhanov believes.

As for the signed agreement of intent, the prime minister is convinced that the partnership between the Tatarstan government and PricewaterhouseCoopers is timely and necessary. He believes the agreement will lead to even better opportunities for cooperation.

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