Russia Tempts Kuwait Investors With Huge Opportunity in Far East

Investors from Kuwait have been invited to take part in developing the Russian Far East and the free port of Vladivostok, Minister for the Development of the Russian Far East Alexander Galushka said Friday.

MOSCOW (Sputnik) – Investors from Kuwait are invited to take part in investing in priority development areas (PDA) in the Russian Far East. 

"We propose cooperating with another Russian sovereign fund, the Far East Development Fund, and invite Kuwaiti investors to consider and take advantage of the unique investment opportunities created in the Far East, the free port of Vladivostok," Galushka said.

Speaking at the fifth Russian-Kuwaiti intergovernmental commission that he co-chairs, the minister noted interest from the republics of Dagestan and Tatarstan in pursuing joint development projects with Kuwait. The potential projects include direct investment into regional infrastructure, agricultural development, and creating science-intensive technologies, Galushka added.

Effective since October 12, 2015, the Vladivostok free port is active across 15 Primorsky Territory municipalities. It allows for the establishment of special regulation procedures for a range of industries in Vladivostok.

A free port has the right to perform duty-free import and export of goods and is excluded from the state customs territory.

Vladivostok previously held the porto franco status between 1861 and 1909.