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Injecting Dynamism in the Russian Far East Economy

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Injecting Dynamism in the Russian Far East Economy

1 June, 11:00–12:15
Key moments
Broadcast

The Russian Far East remains a strategic priority for Russian regional policy, and in that light, efforts to strengthen its competitive advantage throughout the Asia-Pacific region are continuing. The main aim of the new government policy in the Far East is to create a high quality of life for the local population by building modern manufacturing facilities and creating new jobs, and by ensuring increased economic freedom and opportunities for people to develop their potential. Taking into consideration the natural limitations of the Far East, these issues can only be addressed within the framework of a new economic development model. The government has taken some initial steps, by creating advanced special economic zones and Vladivostok Free Port, and by introducing new support mechanisms for investment projects, giving people free land for business and personal use, and much more besides. Over a period of less than two years, more than 600 new private investment projects, worth a total of USD 35 billion, have been launched. What kind of innovative solutions are being used to build a new economy in the Russian Far East? Do they ensure that the Russian Far East will be internationally competitive? How do private investors from Russia and the Asia-Pacific region assess the new economic conditions in the Far East? What kinds of new projects can guarantee an economic leap forward for Russia’s Eastern territories? What else should be done in order to create more economic freedom for business and in daily life in the Far East?


















Broadcast

Key moments

1) As for strategic interaction between the Far East and Northern China, it must be clearly understood that we have common problems: 4% of the Russian population lives in the Far East, and 3% of the Chinese population lives in the northern provinces of China. Both countries have similar objectives as regards developing these territories. They can only be solved through mutual integration where the parties join forces and unite their resources.
Grigory Berezkin
Chairman of the Board of Directors, ESN Group
2) In the competition for capital, one of the most successful and impactful projects in Russian territory has been the establishment of ASEZs for which the Government and Deputy Prime Minister [the Plenipotentiary of the Russian President to the Far East] and the Ministry deserve credit.
Grigory Berezkin
Chairman of the Board of Directors, ESN Group
1) The establishment of a unified Ministry and a focus on supporting the region [the Far East] is a good idea. Today we can confidently say that the system is working and it would be difficult to apply innovations without it.
Pavel Grachev
Chief Executive Officer, Polyus
2) A key problem and restriction [for the Far East region] – at least for mining companies – is the lack of infrastructure or restrictions on the scope of infrastructure. Advancing spending on infrastructure with subsequent compensation to investors through tax revenue seems to be very proper and effective in practice.
Pavel Grachev
Chief Executive Officer, Polyus
1) What has been done in recent years in terms of systematizing the advanced special economic zone regime largely for our project [the Amur Gas Chemical Complex in Svobodny] could be a factor that gives it a future, while the absence of such conditions may not produce the economic conditions and payback that should result from this project.
Dmitriy Konov
Chairman of the Management Board, SIBUR Holding
The cumulative effects from development measures and projects will generate a return. The investors who come both to ASEZs as well as other sites of the Far East will have a sense that infrastructure has been prepared for them as much as possible.
Andrey Murov
Chairman of the Management Board, FGC UES JSC
The only way to effectively work in the Far East is to integrate into the value chains of APEC countries. But for them it is essential to have a packaged solution, so-called plug and play: infrastructure, logistics, industrial service, and sales markets should be in one package. If this does not work, then we certainly cannot compete with other projects that are being organized in other countries.... The only way to work in the Far East is the ASEZ because we can offer a comprehensive solution for investors.
Vadim Shvetsov
General Director, SOLLERS
We are convinced that the builders of the new economy are the people who came to the Far East, who are investing their money, and who are creating jobs... This is proof that the Russian government’s new agenda in the Far East is working, and focusing on private investments has proved to be justified. The benefits and preferences that have been created have been done so correctly to say the least.
Alexander Galushka
Minister for the Development of the Russian Far East