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Russian fund offers 29 projects in Far East worth $16 bln to Japanese investors

Investment projects totally worth $16 bln were offered to Japanese businessmen by Russia’s Far East Development Fund

TOKYO, May 18. /TASS/. Russia’s Far East Development Fund (FEDF) has offered 29 investment projects totally worth $16 bln to Japanese businessmen, Chief Executive Officer Alexei Chekunkov said on Wednesday summing up the results of the visit of Deputy Prime Minister and Presidential Plenipotentiary Envoy to the Far Eastern Federal District Yury Trutnev to Tokyo.

"The Far East Development Fund has updated its portfolio of promising projects. We’re offering 29 projects worth a total of $16 bln to Japan’s investors. The huge economies of the Asian Pacific Region countries are competing for access to the Russian market and for Russian projects," Chekunkov said.

He mentioned power exports (from Russia to Japan) as well as petrochemical industry among the areas where projects discussed at the talks in Tokyo will be implemented. Also, he said, Japan’s Mitsui is mulling a hydrogen generation investment project at the moment.

On the whole Japan is "prepared to an increased cooperation (with Russia) despite sanctions," Deputy Prime Minister said, adding that the country’s authorities have set the target of increasing investment for the development bank JBIC. Particularly, the bank is to invest $110 bln to the infrastructure of the Asian Pacific Region, including Russia’s Far East within the next five years. "Now the task will be converted into viable projects," Chekunkov said.