Success of the Eastern Economic Forum

Success of the Eastern Economic Forum

The Eastern Economic Forum has finished its work in Vladivostok. Russky Island was visited by delegations from 24 countries. During three days multimillion contracts have been signed, and the foundation has been laid for further cooperation with foreign companies, not only in the Far East.

The main event of the whole forum is the plenary session with participation of Vladimir Putin, President of the Russian Federation. In his speech, he emphasized that the Far East has a prospect to become a key center for the economy development of the country. As the head of the state said, it was necessary to create conditions for business development. Thus, on March 30 the law on Territories of Priority Development (TPD) came into force, which gives administrative support to the residents. To the existing 9 TPDs another two will be added soon, and in October the law on the special economic zone "Free Port of Vladivostok" will come into force as well. The president emphasized that special attention is to be paid to support for minor and medium enterprises, and encouraged major investors to study this region with proper attention.

The President stressed that only Rosneft together with its partners is going invest in its Far Eastern projects more than 1 trillion 300 billion rubles. This will give a multiplier effect of about 6 trillion 600 billion rubles, as well as RusHydro and VTB signed an agreement that the bank purchases an additional issue of the company for 85 billion rubles. As a result, VTB gets up to 20 percent in the share in the RusHydro capital.

In Khabarovsk TPD a bitumen production facility will be erected, it was agreed between NNK and Chinese company Jiangsu Baoli International Investment Co., Ltd.