Russian Far East potential needs to be converted to advanced development

VLADIVOSTOK, September 3. /TASS/. It is necessary to convert the potential of the Russian Far East to its recovery and advanced economic development, Russia’s Far East Development Minister Alexander Galushka said Thursday at the opening of the First Eastern Economic Forum in Vladivostok, Russia. "The goal that we set for ourselves is to offer a very specific public policy, including a range of options, conditions and tools for successful investing and doing business in the Russian Far East," Galushka said. According to him, it is necessary to convert the region’s potential "to the recovery and the advanced development of the Russian Far East." The Minister recalled that a whole new set of tools that dramatically improve the conditions for investment and doing business in the region was formed this year. Among these tools Galushka noted the law on the Free Port of Vladivostok, which includes "de-bureaucratization, tax incentives for the participants of the foreign economic activity." Also, he added, the law on areas of advanced development was adopted. The law "includes finished infrastructure for investors, tax incentives and administrative support, as well as targeted support for investment projects". The First Eastern Economic Forum (September 3-5) opens Thursday in Vladivostok. Representatives of the government authorities of Russia and the Asia-Pacific Rim countries, businessmen, industry experts and investors are expected to attend the forum. Major investment projects planned for implementation in the Far East will be presented within the forum framework. According to Galushka, the total amount of the contracts and agreements prepared for the Eastern Economic Forum could amount to about 4.7 trillion rubles ($69.9 bln). Read more