500TH INVESTMENT PROJECT LAUNCHED AS PART OF NEW FAR EAST DEVELOPMENT INITIATIVES
08 February 2017
The Ministry for the Development of the Russian Far East said in a press release that total investment in all projects had reached RUB 1.379 trillion.
New economic development initiatives implemented in the Far East, such as Advanced Special Economic Zones, Vladivostok Free Port, targeted state support for infrastructure projects and the Far East Development Fund have enabled 500 new investment projects to be launched that will lead to the creation of over 83,000 jobs.
“The bulk of the total – RUB 1.285 trillion – is private investment. Of the new businesses established, 73% are not related to processing natural resources. They include enterprises in manufacturing, logistics, agriculture and tourism,” said Minister for the Development of the Russian Far East Alexander Galushka.
Twenty-five new companies started up in 2016 as part of the new development initiatives. This number is expected to exceed 50 in 2017, and 280 within the next three years, creating 34,000 jobs.