Putin instructs government to focus cluster-based investments on Far Eastern development

Business & Economy September 12, 2023, 12:51

"Priority product manufacturing projects totaling $21.1 billion are to be financed this year as part of this platform," the Russian leader noted

VLADIVOSTOK, September 12. /TASS/. Russian President Vladimir Putin instructed the federal government to focus its cluster investment program on projects aimed at development of the Far Eastern region, in a speech at the Eastern Economic Forum (EEF), which Vladivostok is hosting on September 10-13.

"As you know, we have launched a cluster investment program at the federal level. This mechanism is designed to finance major, systemic projects for the output of materials, components and finished goods in the processing industry. Priority product manufacturing projects totaling two trillion rubles ($21.1 billion) are to be financed this year as part of this platform. I ask the government to further target this [investment] tool precisely on tasks pertaining to the development of the Far Eastern economy. So that facilities for more complex production operations will appear here offering high-level, well-paying jobs," the Russian leader said at the Eastern Economic Forum.

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