Russia unveils plan for economy in its Far East

RUSSIA / FSU POLITICS - In Brief 06 Sep 2019 by Alex Teddy
On September 4 the Russian Government announced a plan to boost economic growth in the Russian Far East. The program involves bringing in USD 174 billion in investment from the private sector by 2025. In 2012-18 the region received USD 106 billion in private investment. Therefore the new target might be achieved. The state will assist this through tax breaks but not by any subvention. Companies that construct public infrastructure will receive income tax deductions and deductions on mineral extraction taxes.The Far East badly needs some economic tonic. Its young people are moving away. Its life expectancy is below average. Infrastructure there is in a parlous state. The government has been trying to address these issues for decades. Vladivostok is a free port. The federal government helps with the cost of infrastructure here more than elsewhere. The program was revealed at the Russian Far East Economic Forum in Vladivostok. In 2018 at the forum Putin said he wanted the economy there to grow 6% per annum. This will be hard to attain.

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