24 August 2016

    Resolution on amending the methodology for selecting and supporting investment projects, signed by Prime Minister of the Russian Federation Dmitry Medvedev, allows any private investment project to receive administrative support and the official status of participant in the state programme for socio-economic development of the Far East and the Baikal region, according to a Ministry for the Development of Russian Far East press release.

    “Any investor in the Far East is important to us and, at their wish, we are prepared to develop an individual Road Map for the project consisting of administrative support measures, to resolve specific problems and assist in successful implementation of the project. Any investor wishing to take advantage of this form of support may do so“, A. Galushka stressed.

    According to the Minister, adoption of the Russian Government Resolution is another step toward practical implementation of the new version of the state programme for development of the Far East, which prioritises private investment.

    A. Galushka noted that, right from the start, incentives for private investors were set within the idea of the new instruments for development of the Far East. Examples of implementation of the new principle are the ASEZ mechanism, the Free Port of Vladivostok, infrastructure subsidies to investment projects and loans on beneficial terms from the Far East Development Fund. With their help, RUB 1.16 trn have been drawn into the macro-region, including RUB 80 trn in state investments and over 1 trn in private investments.

    “State investment are also of significance, though they are considered as a catalyst to the economic process and a means for raising private funds. We do not plan to rest on our laurels. Mechanisms for attracting investors that have already been implemented or are being planned will be discussed on the sidelines of the Second Eastern Economic Forum”, the head of the Ministry for the Development of the Russian Far East specified.