20 October 2017
The investments are to be spent until 2025
Russia’s Far East has attracted investments in the amount of USD 55 billion over the past three years, including USD 5 billion in foreign investment from the leading countries of the Asia-Pacific region, Minister for the Development of the Russian Far East Alexander Galushka said during the 19th World Festival of Youth and Students in Sochi.
“This is a lot of money for any region of the world, and such investments cannot be spent all at once, in a single day”, Galushka said. “They will be spent until 2025. The benefits and preferences that are currently in effect in the Far East made it possible to attract such a large amount of investment”.
Such preferences include advanced special economic zones with the lowest level of business taxation in the Asia-Pacific region, government-prepared infrastructure, simplified administrative procedures, and special measures to protect investors; the Free Port of Vladivostok – a free customs zone with tax preferences in key port territories along the coast of the Seas of Japan and Okhotsk; as well as targeted infrastructure and financial support.
“Another effective measure is an e-visa for which you don’t need to visit a consulate or embassy”, Galushka said. “This visa regime exists throughout the territory of the Free Port of Vladivostok for two and a half months, and over three and a half thousand tourists have entered the macroregion via an e-visa. Russian President Vladimir Putin has given instructions to extend this practice to all international airports in the Far East”.
Galushka took part in the festival as part of the panel discussion ‘Strategy for the Development of Future Territories’ and told its participants about the special case of how the Far Eastern Federal District was developed.
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Concerts by Denis Matsuev and jazz evenings will be held as part of the Vladivostok Seasons Festival at EEF 2024
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