More Than $20 Billion Invested in Russia’s Far East

PHOTO by Pixabay

According to Alexander Galushka, head of the Ministry for the Development of the Russian Far East, investments in the region have reached 1.325 trillion roubles ($21.95 billion).

"Thanks to new arrangements, the Far East raised 1.325 trillion roubles in investments, 93% of which are private investments and 7% of which are public," Galushka said in a speech at the State Duma.

"For every rouble from the state budget, we get 13 roubles from private investments," Galushka noted.

He also said that 475 investment projects that will create almost 80,000 jobs would be completed by 2025 in the Far East. In 2016 alone, 25 new businesses opened.

"We'll launch 25 new enterprises in 2017 and a total of 280 enterprises over the next three years that will create 34,000 jobs,” Galushka said. “The federal budget will provide 56 billion roubles ($927.4 million) for this. That's twice as much as from 2014 to 2016.”