7 March 2018

RUB 3.7 billion in private investment brought to Russian Far East over the past four and a half years

Minister for the Development of the Russian Far East Alexander Galushka told a 6 March meeting of the collegium of his Ministry in Vladivostok that the region was implementing 1,200 new investment projects and had created 120,000 jobs.

According to a Ministry press release, the meeting evaluated 2017 performance and set goals for 2018 and the next six years. Deputy Prime Minister of the Russian Federation and Presidential Plenipotentiary Envoy to the Far Eastern Federal District Yury Trutnev, Minister for the Development of the Russian Far East Alexander Galushka, heads of Far East development institutions and Far Eastern region governors attended the meeting.

According to Alexander Galushka, the new economic policy has attracted RUB 3.7 billion in private funds to Russian Far East over the past four and a half years, investment that is helping diversify the region’s economy.

“We have 1,200 investment projects under way and our task is to see each one through to completion and to provide timely and quality assistance to investors, helping them overcome any obstacles in their way. To that end, the Far East Investment and Export Agency has launched an investment project assistance system, the first in Russia”, the Minister said.

The system will serve as the basis for investor web accounts to be launched in time for the 4th Eastern Economic Forum, which will enable online tax payments, building permit applications, etc. The Ministry for the Development of the Russian Far East will also launch a Do Business in Russian Far East brand to complement collaboration with foreign investors with a global positioning of investment conditions available in the Far East.

Yury Trutnev noted that the new legislation had created a competitive investment climate in Russian Far East in recent years, helping launch accelerated development in the region. According to him, the investment climate will continue improving in the coming years. Other priorities include improvements to governance at the regional level, reduction of administrative pressure on business, development of transport corridors and of special territories, such as Bolshoi Ussuriysky Island and Russky Island, and development of the Far Eastern Hectare programme.

In addition, state-owned companies are expected to invest almost RUB 2.8 trillion in Russian Far East by 2025. This will help build and upgrade energy facilities and the road infrastructure and develop housing construction, among other things.

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