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Putin suggests expanding free port preferences to other Russian Far East ports

The Russian president made a speech at the Eastern Economic Forum in Vladivostok

VLADIVOSTOK, September 4. /TASS/. Russian President Vladimir Putin has suggested expanding preferences of a free port, valid on the territory of the Free Port of Vladivostok, to other ports of the Far East.

"I believe we managed to work out a successful and competitive form of a free port, using both our historical experience and the best foreign practices, so I am suggesting that the government consider expansion of the regime of a free port to other junction harbors of the Far East," Putin said at a plenary session of the Eastern Economic Forum.

He said residents of the Free Port of Vladivostok will get a broader set of preferences. A relevant law is taking effect in October and it will cover all key ports of the south of Primorye.

Putin said the procedure to cross the border is simplified considerably for businesses; residents of the free port will be provided with benefits on insurance and tax payments. He said he hopes a powerful transport and industrial junction will be established in Vladivostok.

The Kremlin said it hopes the Eastern Economic Forum will become, on an annual basis, a presentation site for the investment potential of the Far East for representatives of the business and investment community of Russia and the Asia-Pacific Region.

This year, representatives of over 700 Russian and 800 foreign companies announced their participation in key sessions, industry dialogues and investment project presentations within the framework of the forum.

Russia’s first ever Eastern Economic Forum (EEF) is unique in its scale and the level of expertise of its participants as a platform for constructive dialogue between representatives of the international investment community, business, and the governments of both Russia and the countries of the Asia-Pacific Region (APR).

The forum runs September 3-5 in Vladivostok. It presents regional investment opportunities and projects. The overall sum of contracts and agreements prepared for the EEF is worth some 4.7 trillion rubles ($70.3 billion).

EEF objectives are: to improve relations between the international investment community, Russian business, and federal and local governments; to comprehensively assess the economic potential of East Russia, as well as the improvement of the competitiveness and investment attractiveness of the region, both at the Russian and international level; to present new conditions for investments and doing business by means of exclusive procedures created for East Russia - the Territory of Priority Development and the Free Port of Vladivostok.