Eastern Economic Forum to attract investment and strengthen Russia's ties with Asia-Pacific region

Aug. 26, 2016 - PRLog -- Just over a week remains before the second Eastern Economic Forum (EEF) that will take place in Vladivostok on September 2–3. According to the organizers, the event will have at least 2,400 visitors, including representative delegations from China, Japan, South Korea, India, Vietnam, Australia, the USA, and Singapore.

"Preparations for investment agreements to be signed at the Forum have entered their final stages. We already have 130 agreements ready to be signed worth a total of almost 1 trillion rubles. We have every reason to assume that this number will go up even further," the Minister for the Development of the Russian Far East Alexander Galushka announced at a press-conference.

The main thematic block of the Forum's business program will cover the investment potential and business conditions of Russia's Far East. The participants will discuss prospects for the development of transit and logistics infrastructure in the region, including building of the new facilities.

Particular attention will be paid to competitiveness of Russia's Far East, attracting foreign investments, international cooperation in the field of energy and transport. The following business roundtables are planned as part of the Forum: Russia – China, Russia – Republic of Korea, Russia – ASEAN and Russian–Japanese Forum.

The participants will discuss joint investment projects that can be delivered in Russia's Far East. It is planned to present the most beneficial terms for investing in special economic zones and Free Port of Vladivostok, tax breaks and infrastructural support, says the official website of the Eastern Economic Forum.

Analyzing the potential of the upcoming event, Bunn Nagara, Senior Fellow, Foreign Policy and Security Studies, Institute of Strategic and International Studies (ISIS) in Malaysia, stressed the special importance of the Forum, both for Russia and for its partners, despite the fact that the EEF is a completely new event.

"This should have been done long ago, but previous Russian governments did not understand its importance. It is promising now because the present government appreciates the importance of Russia's Far East," the expert told PenzaNews.

If the project is handled well, it will integrate very productively with not just the Asia-Pacific region but Europe as well, he believes.

"Then Russia, like China, can act as a vital bridge between both continents. This will be of major historic significance in making Russia much more strategically important globally," the analyst explained.

In his opinion, the Forum's impact on the economic environment depends on the policies adopted in Vladivostok.

"The key will be how well the Russian Far East can serve the needs of the Asia-Pacific, and vice-versa. The Russian Far East has long been underdeveloped, which in turn is a factor keeping Russia as a whole less developed than it can be. This region of Russia is rich in natural resources but they are under-exploited. The local communities have also not been sufficiently developed in terms of education, professional skills and job opportunities. But this is changing. With improved human resources added to its rich natural resources, the Russian Far East can contribute much to Russia as a whole and to trade and diplomatic relations between Russia and other Asia-Pacific countries," Bunn Nagara said.

Source: http://penzanews.ru/en/analysis/62531-2016