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19 Dec, 2017 10:06

Japan offers know-how for development of Russia’s Far East

Japan offers know-how for development of Russia’s Far East

Japanese technology could help with the development of railways and ports in the Russian Far East, according to Japan’s Economy Minister Hiroshige Seko, who said it will boost exports of local goods to Asia.

"As for railway tariffs, the costs remain high… but we saw here the possibility of applying Japanese know-how, for example, the use of railway technology and know-how in the management of the ports,” Seko told journalists in Vladivostok.

The minister said it was his third visit to Vladivostok, but only this time he has managed to inspect the city’s infrastructure.

“After having seen the railway station and port facilities with my own eyes, I realized there is an opportunity to further export local products, including agricultural and industrial, to many Asian regions,” Seko said.

He added that representatives of Japanese companies are actively working there, and he is “sure that further development of Vladivostok and the Far East in cooperation with Japan is possible.”

“I am determined to work actively in this direction as I know the development of the region will be a great chance for Japanese companies,” Seko said.

READ MORE: Japan interested in developing Russia’s Far East

Japanese investors have contributed over $16 billion to 21 projects in the Far East, according to the Russian Minister for the Development of the Far East Aleksandr Galushka. Those projects included the region’s so-called ‘advanced development territories’ and the free port of Vladivostok.

Two years ago Tokyo announced plans to create a $110 billion fund to bankroll infrastructure projects in Asia. It said part of it could be invested in Russia’s Far East.