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Investments in Russia’s Far East total almost $64.2 bln in 10 years — minister

Minister for the Development of the Russian Far East Alexey Chekunkov noted that by the end of 2024, residents of the territories of advanced development had paid almost 179 billion rubles ($2.3 bln) in taxes

MOSCOW, July 11. /TASS/. Russia’s Far East received about 5 trillion rubles ($64.2 bln) of investments over 10 years, and 1.5 times more needs to be attracted in the next five years, Alexey Chekunkov, minister for the Development of the Russian Far East, said at a meeting in the State Duma.

"President Vladimir Putin has instructed to raise the target for attracting investment in projects implemented <...> with state support to 12 trillion rubles ($154 bln) in 2030. To date, over the first 10 years of the current system of advanced development of the Far East <...>, 5 trillion rubles have been invested in such projects. Thus, over the next 5 years, it is necessary to ensure one and a half times more investment than was attracted in the previous 10 years," he said at the meeting of the Presidium of the Council of Legislators.

Chekunkov noted that by the end of 2024, residents of the territories of advanced development had paid almost 179 billion rubles ($2.3 bln) in taxes. The total volume of customs duties and insurance premiums amounted to 28 billion ($359 mln) and 81 billion rubles ($1 bln), respectively.

"Almost 2,000 companies are residents of the territories of advanced development. This regime is primarily focused on small and medium-sized businesses. The total volume of actual investments is 654 billion rubles ($8.4 bln) and more than 60,000 jobs have been created. 92 billion rubles ($1.2 bln) in taxes, more than 4 billion rubles ($51 mln) in customs duties and almost 3 billion rubles ($38 mln) in insurance premiums have been paid," the minister added.

Earlier, Deputy Prime Minister and Plenipotentiary Representative of the President of the Russian Federation in the Far Eastern Federal District Yury Trutnev asked the President to increase the target for investments attracted through preferential regimes to 12 trillion rubles ($154 bln) instead of the previous plan of 10.5 trillion rubles ($134 bln). Putin called the target of 12 trillion rubles absolutely realistic.