VLADIVOSTOK, March 24. /TASS/. As many as 29 companies with projects worth 85 billion rubles, or roughly $1.23 billion, have been granted the status of residents of the Free Port of Vladivostok, a TASS correspondent reported on Thursday from a meeting of the port’s supervisory board held by Russian Deputy Prime Minister and presidential envoy in the Far Eastern Federal District Yuri Trutnev.

The free port of Vladivostok should be open for investors. We have just approved 29 projects, but this is only the beginning of a long road. The Primorsky Territory can boast unique business climate and we hope investors will see it. We, on our part, will offer them all-round support," Trutnev said.

In his words, taking into account these 29 projects, the overall volume of private investments will exceed 100 billion rubles ($1.45 billion).

A spokesman for the Far East Development Corporation told TASS the projects include the establishment of a coal terminal to export Russian mineral resources to Asia Pacific countries, and companies turning out elevators, electricals, bicycles, reinforced concrete slabs, plastics, etc. These projects are expected to help create up to 3,000 new jobs.

The free port zone was established in Vladivostok on October 12 and embraces 15 municipalities in the Primorye Territory, including their coastal waters, with an overall area of 28,400 square kilometers. The area’s population is 1.4 million, or 75% of people living in the entire Primorye Territory. A free port zone implies a tax-free imports and exports regime.

By now, seven residents have already received official documents and can begin their projects. The Far East Development Corporation has 54 more applications from potential residents worth 147 billion rubles ($2.14) promising 5,200 more new jobs.