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Favorable conditions for business have created in Russian Far East — PM

Gross regional product has increased by more than one quarter, and the volume of private investment has reached roughly 5.5 trillion rubles, Mikhail Mishustin said

MOSCOW, December 9. /TASS/. A broad package of incentives and preferential regimes has ensured a comfortable environment for entrepreneurship in the Russian Far East, Prime Minister Mikhail Mishustin said at a dedicated strategic session.

"During the implementation of the current strategy, we have managed to accomplish many tasks that are critical for the region — the most important of which is securing outpacing growth across key areas of the economy and social sphere, growth that must exceed or at least match the national average. As a result, gross regional product has increased by more than one quarter, and the volume of private investment has reached roughly 5.5 trillion rubles," he said.

More than 170,000 new jobs have been created at enterprises throughout the district. "This is of course largely thanks to the extensive toolkit of incentives and preferential regimes, which have formed a comfortable business climate — including in 16 advanced development territories, the Free Port of Vladivostok, the Arctic zone, and other frameworks," the prime minister noted.

According to Mishustin, systemic measures have laid the groundwork that made it possible to bring all processes to a more advanced quality level. This is essential, he stressed, for continuing the transformation of the Far East into a competitive and highly livable macroregion with a high-tech economy and modern, developed infrastructure — infrastructure that will also play a key role in Russia’s cooperation with the Asia-Pacific countries.

Mishustin then proposed that the strategic session take a detailed look at approaches to the new Strategy for the Socioeconomic Development of the Far East, which the president had instructed the government to draft.

"Today we must discuss the measures that should be included in the new strategy and in the plan for its implementation over the coming years," Mishustin concluded.