Russia's Kamchatka, Germany to Sign Joint Project Deal at EEF

Authorities of the Russian Far Eastern Kamchatka peninsula are planning to sign an investment agreement with a German company on a joint tourism project at the upcoming first Russian Eastern Economic Forum (EEF), Vladimir Ilyukhin, the acting Governor of Kamchatka Territory, said Tuesday.

VLADIVOSTOK, (Sputnik) — The EEF will be held in the city of Vladivostok in the Russian Far East on September 3-5.

The forum is being held as a platform for dialogue between international investors, the Russian government and countries of the Asia-Pacific Region. Over 200 investment projects valued at over $70 billion are expected to be presented at the forum.

"At the forum, we plan to sign an investment agreement with the German company West-Woods Bau Consulting Projekt Management GmbH on a joint 2015-2021 Tourist Complex 'Petrovskaya Sopka' [Petrovskaya Hill] project," Ilyukhin said.

In addition, the Governor said he expected to sign agreements with the Export Insurance Agency of Russia (EXIAR) on cooperation in foreign economic activity.

In August, Russian Prime Minister Dmitry Medvedev signed a decree establishing a Priority Development Area (PDA) in Kamchatka. This particular PDA plan will be presented to investors at the Eastern Economic Forum together with eight other PDAs approved earlier.