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Russia's Far East to compete with Singapore, Hong Kong and Korea — Deputy PM Trutnev

July 28, 2015, 11:16 UTC+3 MOSCOW
"We incorporated best practices used in the neighboring countries into the advance development territories structure," Presidential Plenipotentiary in the Far Eastern Federal District says
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© TASS/Yuri Smityuk

MOSCOW, July 28. /TASS/. The advanced development territories (ADT) in the Russia’s Far East will compete with Hong Kong, Singapore, China, Japan, and the Republic of Korea, Deputy Prime Minister and Presidential Plenipotentiary in the Far Eastern Federal District Yuri Trutnev said on Tuesday.

"We incorporated best practices used in the neighboring countries into the ADT structure. We understand we will not compete domestically. We will compete with Hong Kong, Singapore, China, Japan, and the Republic of Korea," Trutnev said.

The First East Russia Economic Forum will be held in September on the Russky Island, Trutnev reminded.

"The whole work of the Far East Development is a going process. You know Vladimir Putin identified the development of the Far East as a national priority of the XXI century and therefore the government is fairly actively working for a year and a half already. The forum is a milestone in such activity with its specific purpose and goal. First off, it involves presenting the difference between the Far East now and before," Trutnev said.

The forum architecture consists of three blocks, the deputy prime minister said. The Far East and its environmental advantages will be presented to foreign investors in the first block.

The second block comprises support mechanisms established by the Russian government to stimulate the business development. "These are the mechanism of the Advance Development Territories, the free port of Vladivostok and the mechanism of investment projects’ infrastructural support," Trutnev said.

The future of the region and its development strategy will be discussed in the third block.

The First East Russia Economic Forum will be staged in the Far Eastern Federal University on the Russky Island from September 3 to 5, 2015. Representatives of the government authorities of Russia and the Asia-Pacific Rim nations, businessmen, industry experts and investors are expected to attend the forum. Major investment projects planned for implementation in the Far East will be presented within the forum framework.

Volume of private investment in Far East will total $6.3 bln

According to the official, the total volume of private investment in development projects in the Far East, approved by the government commission, will total 376 billion rubles ($6.3 bln).

"We have already adopted the advanced development areas. The total amount of investment amounts to 376 billion rubles ($6.3 bln) It's a good sum. At the same time, we realize that the amount for advanced development areas will most certainly increase, "Trutnev said.
He added that the volume of the investments has been calculated by taking into the account only the anchor investors. "We are creating the advanced development areas not just for our anchor projects, then, other investors will certainly come," Trutnev said.

Last week, a new financing program for the Kuril Islands was announced by Russian Prime Minister Dmitry Medvedev; it amounts to roughly 70 bln roubles ($1.22 bln) until 2025, said
According to him, "the goal of the new program - is to improve the living conditions on the islands, to attract people to the region, help those who already live there, give them jobs, provide all the necessary social infrastructure - kindergartens, schools, health facilities."

Over 30 projects for Far East development in high degree of readiness

The presidential envoy noted that over 30 projects for the development of Russia's Far East are in high degree of readiness.

When we started working, there were over 400 projects that were analyzed. Out of those, over 30 are in high level of readiness. The Government has decided on three advanced development areas, decisions have been made on 6 investment projects. The next two projects are nearly ready to go, in the Far East Development Fund," he said, stressing the high interest in the project on the part of the investors.
Trutnev noted that the region is experiencing a revival of business activity. "A number of large companies want to create a special fund for the development of the Far East. They want to implement a number of projects as part of its investment portfolio. They are fully satisfied with the tools that are already available,"

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