Over $9 billion invested in Russia’s Far East since 2015

Over $9 billion invested in Russia’s Far East since 2015

Government support for Russia’s Far East has resulted in significant growth of the region’s industrial production which is three times higher than in the rest of the country.

Speaking at the Eastern Economic Forum (EEF) on Thursday, Russian President Vladimir Putin said the Far East has received more than 600 billion rubles (over $9 billion) in investments since 2015.

Putin highlighted improving infrastructure conditions, saying that the modernization of 40 airports will be completed by 2024.

The president also said that Chinese partners are the largest investors in the region’s economy and called on foreign investors to examine the vast opportunities.

“In general, thanks to the proposed support measures, starting from 2015, 612 billion rubles has been invested in the region’s economy, 242 new plants put into operation, more than 39,000 jobs created,” Putin said.

He added: “As a result, industrial production growth in the Far East has increased over the past five years by about 23 percent which is almost three times higher than in the whole country.”

The National Program for the development of the Far East region until 2035 set a goal of achieving six percent economic growth. 

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