12:30 GMT24 June 2021
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    Russia’s Far East Development Ministry will sponsor business missions for Asia-Pacific Region representatives to assess the newly established Vladivostok Free Port and priority development areas, the ministry's chief said Monday.

    VLADIVOSTOK (Sputnik) – The law on the free port of Vladivostok, the so-called porto franco, came into effect on October 12, 2015. Up to 15 municipal entities of Russia's Primorsky Territory offer relaxed state customs, taxation, and visa regulations for its investors.

    "We agreed with several countries on business missions to the Far East so that they could come here, see the free port of Vladivostok, the created territories of priority development," Minister Alexander Galushka said.

    Speaking to reporters in the Primorsky Territory port city of Nakhodka, Galushka said the effort to attract foreign businesses is aimed at balancing the majority of Russian companies that applied for residence under the recently passed law.

    The minister said last month several Vladivostok Free Port projects valued at nearly $1 billion have been proposed so far.

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    Tags:
    Far East Development Ministry, Alexander Galushka, Vladivostok, Russian Far East
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