INVESTMENT CLIMATE

Russian President at the Eastern Economic Forum

Vladimir Putin took part in the Eastern Economic Forum in Vladivostok and spoke at its plenary session, presidential website reports.

At the Eastern Economic Forum plenary session. With Prime Minister of Japan Shinzo Abe (left), President of China Xi Jinping and Prime Minister of Republic of Korea Lee Nak-yeon. Credit: kremlin.ru

“Developing the Far East is an absolute priority. This is a consistent and long-term policy. We are working hard to create a strong centre of international cooperation and integration, business and investment activity, education, science and culture in the dynamically growing Asia-Pacific Region. We are building this centre primarily in the interests of Russian citizens, the residents of the Far East, for their wellbeing, as well as for people to fully realize their potential”, the President said.

He also noted that “Russia is proactive in promoting cooperation and investment ties with the People’s Republic of China. Today, more than 30 projects worth some 200 billion rubles are being implemented in Russia’s Far East, with the help of Chinese investors. We are committed to promoting a positive cooperation agenda with our Japanese partners. Only yesterday, Prime Minister Shinzo Abe and I launched an engine plant in Primorye Territory. We will always support substantive, result-driven joint undertakings of this kind. There is also great potential for promoting projects with Mongolia, our long-standing and reliable partner, on infrastructure, energy, as well as the environment. Companies from the Republic of Korea are successfully carrying out their projects in Russia. It is in the regions of Russia’s Far East that cooperation with South Korean businesses is especially promising”.

Russia’s President pointed out that “New forms of protectionism and various barriers have emerged across the world, affecting the global economy. They are becoming increasingly more apparent and are gaining momentum. It is unfortunate that fundamental principles of trade, competition and mutual benefit are depreciated, falling hostage to ideology-driven approaches and short-sighted political calculations. This is a serious challenge for the global economy, especially for the vibrant APR, threatening its leadership. In order for our region to achieve high growth rates and remain a key force in international economics and trade, it needs to preserve the spirit of economic freedom and facilitate business initiatives free of sanctions, bans or political bias. As we invite foreign partners to take part in joint projects in the Far East, we are acting in line with pragmatism, common sense and mutual benefit. We want investors vying for an opportunity to implement their projects in the Russian Far East to expand their fair competition, so that the best business proposals would win, yielding high profits, which are the main goal of any business”.

He concluded his address by saying that “Russia and its Far East are certainly open to expanding business ties. We are confident that there is an obvious mutual benefit here. And it is not just about profit in financial reports. Joint projects in industry and science, education and culture, infrastructure and energy serve to bring countries and peoples closer together, to better understand, to know each other, to strengthen our common heritage – peace, neighbourly relations and trust in the dynamic and complex 21st century, where we pool efforts and potential to create the future”.

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