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Pacific Rim forum wants Russian Far East on global investment map

January 27, 2014, 15:15 UTC+3 VLADIVOSTOK
This forum will be the second event of its kind, designed to assemble leaders of major domestic and foreign companies
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VLADIVOSTOK, January 27. /ITAR-TASS/. Leaders of business, finance and government from Pacific Rim states will gather in Russia's far eastern Vladivostok in September at a forum designed to spur regional investment.

Plans for the event were unveiled to commerce and industry of the port city and administrative centre on Monday as Alexander Galushka, Minister for the Development of the Russian Far East, said Russia's Far East Development Ministry would site much of its work locally.

This would set out to flow finance into the area, develop the business base and support investment projects, he said. Two deputy ministers would be assigned to the Far East.

Primorsky region officials reported Monday's debate focused on granting investment passports. Governor Vladimir Miklushevsky noted that income tax had been cut last year as an incentive. Electricity tariffs would be reduced by 10 percent for small and medium-sized enterprises.

This forum will be the second event of its kind, designed to assemble leaders of major domestic and foreign companies. The initiative was pioneered in 1997 by the St. Petersburg International Economic Forum in Russia's northern capital.

In recent years, the forum has become a leading global business event. It attracts more than 4,000 Russian and international participants representing government and business from more than 60 countries alongside delegates from academia, the media and civil society.

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