Russia's Far East Agency Aims to Attract Investments Worth $1.5Bln by 2018

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Russia's Far East Agency for Investment Promotion and Export Support aims to attract over 100 billion rubles (about $1.5 billion) in investment by the end of 2017, the agency's head, Pyotr Shelahaev, said.

MOSCOW (Sputnik) — The Far East Agency for Investment Promotion and Export Support was established to contribute to attracting investment into the region as well as supporting the export of products to help resident enterprises.

"Our task is to attract 35 billion rubles in investments in 2016, and over 100 billion rubles by the end of 2017… There are KPIs [Key Performance Indicators], connected with the number of agreements and export contracts reached but the main thing is the volume of attracted investment," he told RIA Novosti.

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When commenting on possible difficulties and risks to attracting investment, the agency's chief stressed that the present sanctions regime is a problem, but "absolutely not critical," reminding that there are zones under a special taxation regime, Priority Development Areas and the free port of Vladivostok, in the Far East.

"We have something to offer to investors, and the Far East has a lot of interesting potential. The task is not an easy one, but I am sure we will handle it," he said.

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