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Russia to launch economic projects in Far East in 2015 — presidential envoy

February 02, 2015, 12:46 UTC+3 VLADIVOSTOK
The government carried out enormous work to prepare the projects aimed at spurring the region’s social and economic development, Deputy Prime Minister Yury Trutnev said
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© ITAR-TASS/Yuri Smityuk

VLADIVOSTOK, February 2. /TASS/. The Russian government will start implementing economic projects in the country’s Far East in 2015, Deputy Prime Minister and Presidential Envoy to the Far Eastern Federal District Yury Trutnev said on Monday.

The government carried out enormous work to prepare the projects aimed at spurring the region’s social and economic development, Trutnev said.

"We engaged, first of all, in preparing a framework for development: we elaborated legislation, worked on the budget for the allocation of budget funds. The implementation of specific economic projects will begin already this year," the government official said.

"Work will begin on creating advanced development territories and new enterprises," Trutnev said following a meeting with governors of Far Eastern regions in the Pacific port city of Vladivostok.

"The Russian Far East is today ahead of all other federal districts in Russia by the growth rates of industrial production. At the same time, we need to work well on further accelerating rather than slowing economic growth rates," the vice-premier said.

Industrial output in the Russian Far Eastern regions grew by 5.9% in 2014, the best result among all federal districts in Russia, Trutnev said. "The industrial production index totaled 5.9% in the region. This is the first place among the federal districts," the presidential envoy said.

Russia’s advanced development territories

The Russian Far East and single-industry towns will enjoy tax incentives to boost their social and economic development, according to a law on advanced development territories passed by the State Duma, the lower house of Russia’s parliament, in late December.

The law stipulates that advanced development territories will be established for a term of 70 years, which may be prolonged, if necessary.

Within three years after the law comes into force, advanced development territories will appear in the Russian Far East, and also in single-industry towns with the tensest social and economic situation included in the government’s list.

Subsequently, advanced development territories may be established in other Russian regions.

Advanced development territories will offer privileged terms for entrepreneurial and other activity. Specifically, the law stipulates reduced rent rates, priority connection to infrastructure facilities and free customs zone procedures.

Advanced development territories in towns that inherited single industries from the Soviet period will be offered special legal frameworks relating to tax incentives, state control and reduced social security tax payments.

Russia expects foreign investors in any spheres of the economy but will prioritize projects in power engineering, ship-building and infrastructure development, Trutnev said earlier.

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