22 November 2017

New economic policy resulted in RUB 3.3 trn in investments in Russia’s Far East

The Minister for the Development of the Russian Far East voiced these figures during the ‘government hour’ in the Council of Federation on 22 November

According to the Minister, the first implementation phase of the new state policy on the priority development of Russia’s Far East has been a success: fundamental conditions have been established for launching new production facilities and attracting private investors.

“Conceptually new mechanisms were developed and put in place in 2015, focusing on the demographic development of the Far East and creation of new jobs. These are Advanced Special Economic Zones and the Free Port of Vladivostok, and financial and administrative support for investment projects. It is owing to these new mechanisms that more than RUB 3.3 trillion in direct private investment has been channelled into the Far East, with more than 950 new projects, which will create 115,000 new jobs by 2025”, Alexander Galushka said.

The head of the Ministry for the Development of the Russian Far East cited examples of projects that are under way in the Far East. They include Russia’s largest Eastern Petrochemical Company, the Nakhodka Fertilizer Plant, the Zvezda Shipbuilding Complex, the biggest dairy and meat-packing facilities in the Far East, modernization of the Baikal–Amur Mainline, Trans-Siberian Railway, and creation of the cross-border infrastructure with China, including the Nizhneleninskoe–Tuntsyan and Blagoveshchensk–Heihe bridge crossings.

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