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  • ALEXANDER GALUSHKA: INVESTMENT PROJECTS WORTH RUB 1.6 TRN TO BE IMPLEMENTED IN THE FAR EAST BY 2024

    10 August 2016

    “Measures to develop the Far East were discussed at the meeting of Vladimir Putin and Government members”, according to a press release by the Ministry for the Development of the Russian Far East.

    “In the first half of 2016, industrial production in the Far East increased by 105.4%”, the Minister for the Development of the Russian Far East stressed in his report.

    The region’s biggest investment projects include construction of the Nizhne-Bureyskaya and Ust-Srednekanskaya hydropower plants, the Vostochny Cosmodrome, development of the Albynsky, Malomyrsky and Yano-Kolymsky gold fields, development of the Kimkanskoye and Sutarskoye iron ore deposits, and the investment programmes of Russian Railways, Gazprom, Rosneft and RusHydro.

    New mechanisms were launched last year to boost development of the Far East, and they are working today: priority development areas, Free Port of Vladivostok, affordable (5 % per annum) and long-term (up to 7 years) financing by the Far East Development Fund, subsidies for investors for infrastructure purposes.

    “By the end of the year, 51 new enterprises will be launched in such sectors as forestry, construction materials, agriculture and the food industry, tourism and real estate. 7,300 new jobs will be created. In addition, 61 investment projects with investment worth RUB 617 bn are at the stage of construction and assembly, and 28 projects with investment worth RUB 113 bn – at the stage of design specifications and estimates”, Galushka said.

    A total of 295 investment projects will be implemented by 2024, which means creation of 67,000 new jobs.