Two $370Mln Agreements Signed on Russia's Vladivostok Far East Free Port

Two additional Vladivostok Free Port agreements have been signed on Wednesday.

VLADIVOSTOK (Sputnik) – Two additional Vladivostok Free Port agreements valued at a ruble equivalent of $369 million have been signed on Wednesday, a Far East Development Corporation spokesperson told RIA Novosti on Wednesday.

Last week, the firm signed the first five agreements valued at $19.6 million at current exchange rates.

"Two agreements on the implementation of activities on the territory of the Vladivostok Free Port between residents and the Far East Development Corporation joint stock company has been signed today in Vladivostok," the spokesperson said.

Three general directors represented their respective resident companies based in Vladivostok in the signing, the spokesperson added. The spokesperson attributed two projects to creating 737,000 square feet of class A warehouses and a container terminal at Primorsky Territory.

To date, the Far East Development Corporation received a total of 55 applications from potential residents valued at $1.8 billion, with an estimated 5,000 jobs believed to be created.

Effective since October 12, 2015, the Vladivostok Free Port is active across 15 Primorsky Territory municipalities. The Ministry for the Development of the Russian Far East has drafted a bill to include a 16th municipality.

A supervisory board meeting this week chaired by Presidential Envoy to the Far Eastern Federal District Yury Trutnev is expected to decide on including the next potential resident companies.

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