Russia seeks investments into its Far East

Inviting India Inc to the resource-rich Far Eastern region, Russian deputy prime minister Yuri Petronovich Trutnev Tuesday said developing the region is a national priority for the Putin administration. Trutnev, who is also Putin's special envoy to the Far East, which comprises its Pacific Ocean islands, the coastline and a swath of eastern Siberia, comprising a third of the country's land area and home to 6.3 million Russians, during a business event here, said nearly a third of the total investment in Russia comes to the Far East now.

Indian investors should invest in the diamond industry by setting up cutting and polishing plants in our Far East, Trutnev said at the Eastern Economic Forum (EEF) hosted by industry lobby CII. "Currently, Russia ranks 31 in ease of doing business among 190 countries and with an aim at being one of the five leading economies of the world, developing the Far East region is one of our national priorities," he said.

Stating that as many as 17 countries have invested in the region already, Trutnev said, "India has now started investing and today we have three more Indian firms including Tata Power, KGK Diamond, expressing interest in the region." Trutnev said 32 percent of all investment to Russia comes to the Far East, which offers investment potential of over USD 20 billion between 2019 and 2021 into sectors like logistics and ports, oil & gas, refineries, mining, realty and tourism, timber and machinery, among others. Prime Minister Narendra Modi is expected to be the guest of honour at the Eastern Economic Forum, scheduled for September 4-6 at Vladivostok.