Russia to attract investors from Japan to Kuril Islands - Minister for Development of Russian Far East

MOSCOW, July 28. /TASS/. Russia is interested in attracting foreign investors, including from Japan, to the Kuril Islands in the Far East, Minister for the Development of the Russian Far East Alexander Galushka said on Tuesday. Last week the Government approved the federal targeted program on the development of the Kirul Islands, which implies boosting private investments, fish processing plants, construction of residential property and social institutions, substantial investment into infrastructure and more, Galushka said, adding that one of the options being considered is the creation of advanced development territory on the Kurils. The Minister also said that earlier this program and a possibility of partnership and cooperation in creating and managing the advanced development territory were presented to Japan’s investors. According to the current legislation regulating such territories, the Corporation of Far East Development is the key element in their creation. The stock company has the right to create daughter companies with any subjects, where 51% will be owned by the Corporation and up to 49% - by the remaining participants. "We informed our Japanese colleagues that we’re ready to work within the model if it sparks interest regarding advanced development territories in the Far East in general and on the Kuril Islands in particular," the Minister added. Read more