Putin outlines economic vision for 21st-century Russia

The role of the Far East in Russia’s economic future and the country’s position in a multipolar world is of utmost importance, President Vladimir Putin stated on Tuesday at the Eastern Economic Forum (EEF) in Vladivostok. According to Putin, the region’s development is Russia’s top priority for the 21st century.

Addressing the plenary session of the EEF, he elaborated that the Far Eastern Federal District comprises 40% of the country's landmass. In recent years, the government has launched several programs aimed at revitalizing the region and boosting its economy, and Western sanctions have accelerated that process, Putin noted.

According to the Russian president, investments in the regional economy are growing three times faster than the national average.

“The growth of investment in fixed capital from 2014 to 2022 was 13% throughout the country, while in the Far East it was 39%,” Putin indicated.

The Russian leader added that production volumes have reflected those figures, with the rate of industrial growth in the Far East also exceeding the national average. Thus, over the past five years, most of the Far Eastern regions were among the top 20 in GDP growth rates, with the Magadan Region leading the pack.

“Over 10 years, the cargo turnover of the Far Eastern seaports increased by 1.6 times, housing commissioning by 1.3 times, electricity consumption by 1.2 times. Annual gold production in the east of the country increased by 1.6 times, coal by 2.8 times,” the president said, noting that it was not just about percentages, but about the fact that “everything is growing exponentially.” 

“There are development plans, they were drawn up earlier, so it will be even easier for us to implement them. There are funds, investors are ready to invest,” Putin said.

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