Tax-Related Initiatives Needed to Attract Investors to Russia's Far East

The Russian authorities should develop initiatives regulating tax legislation in order to make the Far East region more attractive for foreign investors, Andrey Vdovin, the chairman of the Executive Board of the Asian-Pacific Bank, told Sputnik Friday.

MOSCOW (Sputnik) — According to Vdovin, the Russian Far East's fisheries sector provides good opportunities for investors, but it requires fleet re-equipment.

"Foreigners currently invest only in huge projects in the energy sphere and infrastructure development. There is a great potential for work there. Of course, legislative taxes-related initiatives are necessary to make investors' life easier. The Far East Development Fund is currently doing a good job and I think it will bring good results soon," Vdovin said on the sidelines of the Eastern Economic Forum (EEF) in Vladivostok.

The EEF kicked off earlier in the day on Russky Island near Vladivostok. The forum, which will run through Saturday, is expected to attract some 2,500 participants, from countries including China, Japan, South Korea, India, Vietnam, Australia, the United States and Singapore.