24 May 2018
Panel session Breakthrough in the Far East: How to Become a Leader for Growth in Private Investment took place on 24 May during the first day of the St. Petersburg International Economic Forum. Federal executive government officials, Russian and international business community members, and leading experts discussed the reasons of the investment climate improvement in the Far East and the prospects of attracting new investors into the region.
As of 2017, the Far East was named the leading federal district in terms of the growth rate for private investments into the regional economy. Private investment amounted to 17.1%, against the country’s average of just 4.4%. Over 1,300 projects worth a total of over RUB 3.8 trillion in private investment are currently underway in the Russian Far East, which allows for 125,000 work places to be created. In the recent years, 30 federal laws and 165 regulatory acts have been adopted, which changed the taxation scheme in the Far East entirely. In the course of the session, it was emphasized that further improvement of development mechanisms is essential to maintain the growing trend of the region investment attractiveness.
“We will support the most favourable conditions for business to make the investment regime in the Far East one of the most competitive in the world. In particular, we consider a possibility of establishing an investment court in the Far East in order to reduce excessive administrative load. Understanding that improving the base legislation is not enough, this year we will start reforming the industry-specific law, which will significantly facilitate the investment process. Our next goal is to create comfortable living conditions for people, so that they stay in the region and work in new companies. We will develop social infrastructure, especially in rapidly growing centres,” emphasized Yury Trutnev, Deputy Prime Minister of the Russian Federation and Presidential Plenipotentiary Envoy to the Far Eastern Federal District.
During the session, business community representatives shared how new development mechanisms affect the investment projects implementation.
“During the recent years, major efforts on the federal level have resulted in new investor support tools. Our project, the Natalkinskoye gold deposit in Magadan Region was included into the list of investment projects implemented with the state infrastructural support, which the economic indices for the project. The only suggestion would be to execute the state support agreements before launching the project, thus fostering their efficient implementation,” noted Pavel Grachev, Chief Executive Officer of PJSC Polyus.
Anna Tsivileva, Chairman of the Management Board at Kolmar Group told the participants about the implementation of two construction projects: a mining and concentration complex in Southern Yakutia TAD and a coal terminal in Khabarovsky region.
“The projects progress rapidly thanks to the state support mechanisms. Concessionary financing on the part of the Far East Development Fund and preferential taxation created savings that were directed back into the operation, which resulted in outperforming the projected construction timeframe,” Ms. Tsivileva noted.
Paul Rollinson, President and Chief Executive Officer at Kinross Gold Corporation, mentioned the constructive dialogue with the federal regional authorities and business community representatives in the Far East.
“We welcome new investors in the region. It will improve the gold mining industry operations in the Far East,” Mr. Rollinson emphasized.
Further discussion of the rapid social-economic development of the Russian Far East and regional integration into the economy of the Asia-Pacific Region countries will continue during the 4th Eastern Economic Forum on 11–13 September in Vladivostok.
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The Carbon Unit Game: A New Environmental Monopoly?
The Roscongress Foundation prepared a report entitled ‘Carbon Neutrality: Saving the Planet or an Economic Weapon?’ on the prospects for managing greenhouse gas emissions to achieve the overall goals of combating global warming.
27 February 2024
Russia and Bahrain Look to Intensify Cultural and Humanitarian Cooperation
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Moscow discussed promoting the potential of the Republic of Kalmykia for its development
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