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Over $9 billion invested in Russia’s Far East since 2015 – Putin

Over $9 billion invested in Russia’s Far East since 2015 – Putin
Government support for Russia’s Far East has resulted in significant growth of the region’s industrial production which is three times higher than in the rest of the country.

Speaking at the Eastern Economic Forum (EEF) on Thursday, Russian President Vladimir Putin said the Far East has received more than 600 billion rubles (over $9 billion) in investments since 2015.

Putin highlighted improving infrastructure conditions, saying that the modernization of 40 airports will be completed by 2024.

The president also said that Chinese partners are the largest investors in the region’s economy and called on foreign investors to examine the vast opportunities.

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“In general, thanks to the proposed support measures, starting from 2015, 612 billion rubles has been invested in the region’s economy, 242 new plants put into operation, more than 39,000 jobs created,” Putin said.

He added: “As a result, industrial production growth in the Far East has increased over the past five years by about 23 percent which is almost three times higher than in the whole country.”

The National Program for the development of the Far East region until 2035 set a goal of achieving six percent economic growth. 

Russia plans to provide incentives to companies involved in advanced refining in the Far East, according to Putin.

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“Obviously we plan to focus on boosting exports of highly refined [petroleum] products. That is also our principal position that I would like local and foreign investors, residents of advanced special economic zones, and the Free Port of Vladivostok to pay attention to,” said the president.

He also offered to assist with setting up a Far East venture fund.

“In order to boost the number of start-ups and to make them grow and turn into medium-sized and then large companies, we should not only support them legislatively, we need a regulatory environment and also we should provide them with effective financial instruments. In this regard, I propose creating a special venture capital fund in the Far East.”

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