Russia’s Eastern Economic Forum to attract over $20bn in foreign investment

Russia’s Eastern Economic Forum to attract over $20bn in foreign investment
The third Eastern Economic Forum (EEF2017) aimed at luring businesses and attracting billions in international investment into Russia's Far East starts on September 6 in the city of Vladivostok.

Over 30 investment projects worth 1.2 trillion rubles ($20 billion) will be presented at EEF2017. Over 200 agreements worth more than $26 billion were signed at last year's forum.

The two-day event will be attended by Russian President Vladimir Putin who’s to take part in the session “The Russian Far East: Creating a New Reality.”

The forum will host businesses from Japan, South Korea, China, India, Vietnam, and other countries.

“The Eastern Economic Forum is a high-profile annual platform for showcasing the results of the economic development of the Russian Far East. The forum’s multi-lateral discussion format contributes to expanding international cooperation in Asia-Pacific”, said the Russian President’s advisor Anton Kobyakov.

The business program of the forum is available on the EEF2017 website. It covers proposals for improving the investment climate of the Russian Far East region, integration of Russia into the economy of the Asia-Pacific region, and international energy projects.

'One Belt, One Road' Initiative

Moscow and Beijing will discuss China's Belt and Road Initiative which is bringing together dozens of countries in a global infrastructure project. China first proposed the economic project in 2013. It envisions two components: the Silk Road Economic Belt and the 21st Century Maritime Silk Road. Together, they are expected to cover more than 60 percent of the world’s population and more than a third of global economic output.

The sides plan to establish an agro-industrial enterprise in the Russian waters of Primorye as part of the joint agricultural development fund. The project will be implemented in three stages by 2024. Infrastructure facilities at a cost of $3 billion (230 billion rubles) scheduled to be operational by the end of 2017.

Russian Far East as a future ‘smart’ energy hub

Forum participants, including the heads of major Russian companies, will discuss the region’s investment potential and the prospects for creating a “smart” energy hub in the Russian Far East for the countries of the Asia-Pacific region.

Development of new industrial projects

During the EEF2017 Russian officials will start a range of projects, including a new gold mining operation in the Oymyakonsky district of Yakutia. The high-tech enterprise with a capacity of 700,000 tons of ore per year was built in just two years in severe conditions of Russia's Far East.

Logistics center & seaport-hub for Northern Sea Route

The Eastern Economic Forum 2017 will see the start of the first international container line in the Kamchatka free port. The storage facility which will have a capacity of 15,000 tons will allow fish from Petropavlovsk-Kamchatsky to be delivered directly to Asian markets. The project also envisages the development of cargo transportation along the Northern Sea Route which crosses Russia's Arctic region. The passage will provide the shortest sea trade route between Europe and Asia.

Modern technologies & tourism

Participants of the EEF2017 will discuss blockchain technology’s impact on the financial sector and the role the Russian Far East might play in developing promising technologies.

Experts from Russia, China, Japan, and South Korea will assess the prospects for foreign and domestic tourism to the Russian Far East. People from 18 countries can now visit the region using electronic visas which are issued online in just three days. The decree allowing for the visa regime to be relaxed was signed by Russian Prime Minister Dmitry Medvedev in April aiming to boost tourism in Russia’s Far East regions.