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PM Medvedev approves establishment of Kamchatka advanced development territory

This will facilitate the creation of conditions for strengthening the economic positions of Russia in the competitive markets of the Asia-Pacific region

Dmitry Medvedev Ekaterina Shtukina/Russian government's press service/TASS

Dmitry Medvedev

© Ekaterina Shtukina/Russian government's press service/TASS

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MOSCOW, August 28. / TASS /. Prime Minister Dmitry Medvedev has signed a decree on the establishment of an advanced development territory Kamchatka in Russia’s Far-East, according to a statement on the cabinet’s website.

The advanced development territory will be established in Yelizovo Municipal District and Petropavlovsk-Kamchatsky city district of the Kamchatka Peninsula.

According to the statement, the construction of engineering and transport infrastructure of the advanced development territory will be funded from the budget of the Kamchatka Territory, local budgets and extra-budgetary sources.

"These decisions will facilitate the creation of conditions for strengthening the economic positions of Russia in the competitive markets of the Asia-Pacific region and the promotion of socio-economic development of the Kamchatka Territory through the creation of new jobs, new industrial and tourist sites, the production of export-oriented and import-substituting production, attraction of investments ," the cabinet said in the statement.

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