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Russia’s Far East should be equal in return on capital with key business centers — Putin

September 04, 2015, 5:02 UTC+3

Putin promised to take further steps to work with investors on encouraging projects in the region

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© Stanislav Krasilnikov/TASS

VLADIVOSTOK, September 4. /TASS/. Russia’s Far East should become a confident rival for the leading business centers in return on capital, Russian President Vladimir Putin told the Eastern Economic Forum on Friday.

Putin said the region’s major priorities should be the social development policy, creating modern transport and education infrastructure, housing construction and medical services.

"And of course, this is expanding economic freedom and providing better business conditions for domestic and foreign investors so that Russia’s Far East should be a successful rival for the leading business centers in return on capital," he said.

The region offers its partners the exclusive conditions for rivalry, he said. The president reminded that a law on high-priority development territories in Russia came into force in March. Putin promised to take further steps to work with investors on encouraging projects in the region.

The residents of these territories will be provided with special conditions for launching new industries and beneficial tax regimes, as well as measures of administrative support and assistance in developing infrastructure.

In total, there are nine such territories in the region, Putin said.

Procedure of granting land plots in Far East to citizens to be made as simple as possible

Putin also ordered the government to make the procedure of granting land plots in the country’s Far East to citizens as simple as possible.

The project envisages granting land plots with the area up to 1 hectare to citizens for free. Putin reiterated that the implementation of the project should start in 2016.

"The Russian government should consider the relevant draft law as soon as possible and submit it to the State Duma /lower house of parliament - TASS/ and what is the most important - to envisage the simplest procedure of land plots distribution in particular with the use of information technologies," he said.

Work of regional authorities to be assessed by investment climate

According the Russian head of state, the federal center will assess the activity of governors first of all by the state of the investment climate in regions.

"I am drawing the attention of both my colleagues from Russian regions and regional leaders: the state of the business environment in the regions is first and foremost our responsibility," Putin said.

"And we will also assess the results of work of regional teams - and first of all - on the basis of the opinion of entrepreneurs themselves," he said, explaining that he means establishment of the investment climate.

Putin invites other countries to create major research centers in Far East

Putin has suggested that other countries should establish major research centers in the far East.

"We propose to think about the creation of major research platforms, the so-called megascience projects that will allow true scientific breakthroughs on their basis," Putin said during the plenary session of the Eastern Economic Forum in Vladivostok.

Now, similar laboratories of global importance are mostly based in Europe, he said. "I think it’s time to create such infrastructure and a network of scientific and education centers and cooperation in the Asia-Pacific Region," Putin said.

"Russia invites all the interested parties to this work," the president said.

"The idea of the modern Far East and the Far East of the 21st century is backed by the Russian society and guarantees success," Putin stressed. Opinion polls show that most citizens are sure that the region will become prosperous.

Russia's Rosneft, its partners to invest almost $20 bln in Far East projects

The president said Russian oil giant Rosneft jointly with its partners is expected to invest more than 1.3 trillion rubles ($19.4 billion) in the projects in Russia’s Far East.

"Rosneft together with partners plans to invest in the near future more than 1.3 trillion rubles in the development of its Far Eastern projects. That will produce a multiplying effect of around 6.6 trillion rubles [$98.7 billion] and allow creating around 100,000 jobs," Putin said.

In the related fields, goods worth another 6 trillion rubles will be produced in the next 20 years and the Russian budget will gain additional taxes of around 4 trillion rubles, the president said.

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