MOSCOW, May 22. /TASS/. The mechanism of international priority development area in Russia’s Far East will begin to work on January 1, 2025, Managing Director of the investment department of the Corporation for the Development of the Far East and the Arctic (FEDC) Andrey Sharafutdinov said.

"The promising initiative <…> will begin to work on January 1, 2025. This is international priority development area where projects on production of high value-added goods may be implemented jointly with foreign partners among other things," he said.

State Duma deputies passed the bill defining the legal basis for the creation of a special type of priority development area, international priority development area in the Far Eastern Federal District, at the first reading at a plenary session in February. International priority development area may be created on the territory of the Far Eastern Federal District either upon the Russian government’s decision or on the basis of an international agreement of the Russian Federation.