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Primorsky Krai has become a leader in the Far East in attracting foreign investment
Primorsky Krai, along with Moscow and St. Petersburg, is one of the leading regions in Russia for attracting foreign direct investment. The most “tasty” area for companies from abroad is the agri-food sector - it accounts for 29% of foreign investments. However, investors do not mind working in other directions - the region attracts with favorable conditions and interesting projects.
The largest investors in Russia and the world will learn about the advantages of the territory for doing business, thanks in part to the Eastern Economic Forum. He helped to involve foreign companies in the implementation of infrastructure and business projects that are significant for the region. For four years, the WEF signed an 151 agreement totaling 660,9 billion rubles. Many of them have already been implemented. So in Primorye, the Indian corporation KGK Group launched production. In 2017, the world's largest producer of faceted gemstones and jewelry opened a diamond cutting factory in Vladivostok. The company was launched by Russian President Vladimir Putin during the third Eastern Economic Forum.
Another example is the Mazda Sollers Manufacturing Rus company, which has opened a Mazda SkyActiv-G engine serial plant in Vladivostok. The company was launched during the WEF in 2018. Now the products are exported to Japan to the plants of Mazda Motor Corporation. The production capacity of the enterprise is up to 50 thousand engines per year. There is another example of successful international cooperation in Primorye - the Russian-Japanese medical center Hokuto already accepts patients and helps them recover from strokes, injuries and operations.
Foreign investment in the gambling zone "Primorye" occupy a separate place. The project for the development of this territory provides for the construction of 16 hotels with a casino, a yacht club, a berth for 65 ships, a ski slope, a trade and exhibition center, an administrative office center, and guest villas. Already now the Tigre de Cristal casino is operating in this area, and the Shambhala and Naga hotel and entertainment complexes are under construction. Their investors plan to put into operation next year. In addition to the gambling component, the territory will also engage in the development of a recreational direction. There are plans to create a water park, a golf course and an amusement park.
From honey to cars
Primorye is also interesting for foreign companies as an exporter. The main partners of the region in this direction are China, the Republic of Korea and Japan. Now the regional authorities in their policies focus on expanding markets for food and agricultural products, which are in great demand in the Asia-Pacific countries. Actively foreign markets buy seaside honey, seafood, products from taiga wild plants.
At the same time, both large players and small companies are involved in the export business. Since the beginning of this year, with the support of the regional authorities, 17 enterprises from among small and medium-sized enterprises have concluded export contracts totaling more than 1,5 million US dollars. They will supply fish products, honey, chocolate, wild plants, building materials and components for automobiles to Australia, Great Britain, Canada, China, the Republic of Korea and the USA.
Now Primorye is the leader of the Far East in the number of small and medium-sized businesses. About 90 thousand small and medium enterprises, individual entrepreneurs work in the region. Their share in gross regional product is 40%, while on average in Russia this indicator is kept at 20%.
This year, entrepreneurs will have more opportunities for development. As part of the WEF, the National Development Program of the Far East will be presented, which will allow businesses to identify priority areas, connect to regional business initiatives and implement major projects. Businesses will be able to take part in projects based on public-private partnerships: building roads, updating housing and communal infrastructure, introducing smart year elements, and building medical centers.
It’s difficult to connect to large projects or start a business without the support of the authorities. Primorye knows this firsthand, so supporting small businesses and creating conditions for its development has become one of the priority areas of the region’s economic policy. This year, the region allocated 740 million rubles to support business.
Now 26 banks in Primorye are working under the program of the Ministry of Economic Development of Russia and lend to entrepreneurs at a reduced rate of 8,5%. Since the beginning of this year, more than 100 businessmen have applied to banks for such support and have already received money. If entrepreneurs lack resources and their own collateral, the Guarantor Fund of the Primorsky Territory can act as a guarantor for a loan. Since the beginning of the year, with its help, entrepreneurs have received over two billion loan funds.
Entrepreneurs can get money not only at the bank, but also at the Microcredit Company of the Primorsky Territory. She started work recently and provides loans to small businesses up to five million rubles at a rate from 3,75% to 11% per annum. There are loans and days of newcomers to the business even without collateral, but there is a condition - the loan amount should not exceed 200 thousand rubles.
At the request of the business community in the region, another measure of support is being revived - a leasing subsidy program. Its essence lies in the fact that at the expense of the regional budget, entrepreneurs can cover the cost of acquiring equipment. The amount of the subsidy does not exceed 500 thousand rubles or up to 20% of the total cost of the leasing agreement, however, such assistance also becomes quite significant for small medium-sized businesses. This year, 20 million rubles were allocated in the regional budget to finance the program.