23:50 GMT07 May 2021
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    Russia Holds Its First Eastern Economic Forum (44)
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    Russia will present new instruments for the development of its Far East territory during the first East Economic Forum (EEF) which kicks off September 3 in Vladivostok.

    Expected to be held annually, the event is aimed at being an expert platform to develop international cooperation initiatives across the Asia-Pacific Region.

    Over 1,500 officials and business representatives from 30 countries will participate in the upcoming event.

    In Russia, the development of the Far East is a declared a national priority goal. According to experts, the vast resource-rich region has all the preconditions to booth economic growth both in Russia and overseas. Recently, the Russian government has adopted a number of measures to increase investment prospects in the region.

    Participants of the EEF will be offered preferential conditions for doing business in the Far East territories of priority development.

    The region already has nine such clusters with eased bureaucratic procedures and significant tax benefits for investors. More so, the government covers the costs of the infrastructure development in the areas.

    Five of the nine priority development areas approved by the government are in the Primorsky Region. They include a number of businesses, ranging from logistics to agriculture, Governor Vladimir Miklushevsky told Sputnik China.

    "As for Chinese investments to the region, there are not many of them so far. China comes after Germany, Japan and South Korea," the governor said.

    "Nevertheless, experts say the priority development areas and the building of a free port in Vladivostok would make manufacturing in the Primorsky Territory more competitive than in China. We hope the business initiatives presented at the forum would attract Chinese partners," he explained.

    The Chinese delegation headed by Deputy Prime Minister Wang Yang is expected to be the strongest at the EEF. It will comprise the governors of southern-east China’s provinces bordering Russia, directors of major state-owned and private companies.

    Russia Holds Its First Eastern Economic Forum (44)


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