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  • DMITRY MEDVEDEV: POTENTIAL INVESTMENT IN RUSSIAN FAR EAST REACHES RUB 1 TRILLION

    19 April 2016

    In his speech to the State Duma detailing the government’s work over the past year, Russian Prime Minister Dmitry Medvedev described the first successful steps in developing Russia’s Far East.

    As reported in a press release issued by the Ministry for the Development of the Russian Far East, Prime Minister Medvedev stressed that the government is building a new model for macroregional development: “We are creating tools to help the regions grow business and attract investors, both domestic and foreign.” Among other things, Prime Minister Medvedev mentioned 12 newly created advanced special economic zones (ASEZs), special economic and industrial zones, industrial parks, and free ports.

    He noted: “In addition to the new ASEZs, we have created an entire state infrastructure support mechanism. We have already selected nine of the most promising projects totalling nearly RUB 220 billion.” Six more projects will receive RUB 9.5 billion in state support through the Far East Development Fund. The total amount of funding that could potentially be invested in the Russian Far East will reach RUB 1 trillion.

    The Prime Minister also highlighted a long-term comprehensive socioeconomic development plan for Komsomolsk-on-Amur. He reported that he had signed a government decree approving the plan, which calls for the construction of new housing, roads, hospitals, and other social infrastructure facilities.

    Prime Minister Medvedev noted that although Komsomolsk-on-Amur is home to several major industrial companies, nearly 8% of residents have left the city in the last five years. “This drain is caused by a shortage of social institutions. Our plan earmarks RUB 50 billion for these purposes. Of course it will have to be implemented well on the ground”, the Prime Minister stated with confidence.