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Russian Ministry of Economic Development signed Memorandum of Cooperation with Sumitomo Corporation

The Russian Ministry for the Development of the Russian Far East has signed a Memorandum of Trade and Investment Cooperation with the Japanese company Sumitomo Corporation, the ministry's press service said.

According to the Memorandum, the parties are interested in developing long-term trade and investment cooperation in the Russian Far East.

Sumitomo Corporation, which signed the Memorandum, has full information on favorable conditions for the implementation of investment projects in the Far East: the creation of territories for advanced development, the provision of tax incentives to investors, the significant simplification of administrative procedures related to the implementation of investment projects, comprehensive support for investors at all stages project implementation.

Also, Sumitomo Corporation expects that it will get the most attractive terms for investing in the territories of advanced development, and therefore expresses its interest and readiness to consider investing in any TOPs provided that competitive conditions are provided.

The signing of the document shows that Sumitomo Corporation will be ready to discuss specific proposals of the Ministry of Regional Development for the implementation of trade and investment projects in the Russian Far East.

Sumitomo Corporation is one of the largest wholesale trading companies in Japan. Domestically, the company operates through 26 representative offices. In addition to Japan, Sumitomo Corporation is represented in 65 countries (120 representative offices). In addition to directly exporting and importing products, the company is engaged in product development (together with manufacturers) and investments in manufacturing and trading.

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