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Russia's Far East attracts over $21.4 bln of investments

These investments are backed by 465 investment projects creating 80,000 good jobs, according to Far East Development Minister Alexander Galushka

MOSCOW, December 27. /TASS/. Russia’s Far East attracted over 1.3 trillion rubles ($21.4 bln) in investment projects planned for implementation by 2020, Far East Development Minister Alexander Galushka said at the press conference in TASS.

"1.3 trillion rubles ($21.4 bln) of investments have been raised in the Far East to date owing to new development mechanisms of the Far East. These investments are backed by 465 investment projects creating 80,000 good jobs," the minister said.

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Russian deputy PM expects Far East's economic growth rates to double

Investments will not be contributed into the projects at a time but projects will be implemented gradually, in ten years, the Minister said. "First 20 new enterprises, first 20 plants will be opened in the Far East already this year. We will be able to see 75 new enterprises in the next year, 165 in 2018, and so on," Galushka said.

Investment projects help to diversify economy of the Far East, the Minister said. "73% of total attracted investments are not natural resources and raw materials. These are such sectors as agriculture, transport, logistics, shipbuilding and so on. It is very important that the portion of small and medium business is big in the structure of these investments," Galushka said. The share of foreign investments amounts to 22%, he added.

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