BEIJING, November 10. /TASS/. Russia has identified a number of steps to advance cooperation with the Asia-Pacific countries. President Vladimir Putin has reviewed some of them in his address at the APEC business forum on Monday.

Trade with countries in the Asia-Pacific Region constituted a quarter of Russia’s overall foreign trade.

“In the longer term we hope to build up this share to 40% and to take specific steps to expand the list of our export destinations and also to increase the share of manufactures and high-tech products,” he said.

Putin said there were plans for creating a whole network of fast-tracked development territories in Russia’s Far East offering preferential taxation and simple administrative procedures.

“The industries to be located there will be geared to the production and export of manufactures mostly to the Asia-Pacific countries,” Putin said.

“I would like to take this opportunity to invite investors to use the newly-emerging opportunities to open operations in Russia’s Far East,” Putin said. “We are really determined to offer the best, competitive conditions for doing business.”

In contrast to 2009 the list of APEC countries’ direct investments into the Russian economy grew to nearly 9 billion dollars, while Russia’s investment into the APEC economies was far more moderate -—one billion dollars.

“We are determined to take active steps to adjust this balance,” Putin said. “The way we see it, creation of a national coordinating centre for the development of economic relations with the APEC countries will allow for launching new projects involving Russia.