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The draft law on TOR meets the highest international standards for attracting direct investment - Galushka

Minister of the Russian Federation for the Development of the Far East Alexander Galushka addressed the 5 meeting of the Russian-Singapore High-Level Intergovernmental Commission that was held on 10 September under the chairmanship of First Deputy Prime Minister Igor Shuvalov and Deputy Prime Minister, Finance Minister of the Republic Singapore T. Shamugaratnam, the press service of the Ministry of Regional Development said.

“Raising and anticipating the development of the Far East, turning it into a prosperous region, attractive for business and for living, creating growth points for all of Russia here is one of Russia's most important national priorities,” the Minister said in his speech.

Galushka noted that the draft law on Territories for Advanced Development (TOR), prepared by the Ministry and agreed by the Government of the Russian Federation, corresponds to the highest world standards for attracting direct investments, primarily in the countries of the Asia-Pacific region, which are associated with the development of the Far East. The minister stressed that the law was prepared in cooperation with the business community. In the autumn session, the bill should be submitted to the State Duma. 1 September, the need for its early adoption was stressed by Vladimir Putin at a meeting on state support of priority investment projects and territories for advanced development in the Far East in Yakutia.

According to the head of Minvostokrazvitiya, in the near future the law will work and allow ensuring the inflow of new investments, the creation of industries oriented to dynamically growing Asian markets.

“We count on the fact that our neighbors will also become our strategic investors, partners in the development of the Far East.” We regard the basic investment interest in the Far East from the Asian countries as very high. We invite our partners from Singapore to take advantage of the window of new business opportunities that are opening up in the Far East, we invite you to take a leadership position in the region, ”concluded Alexander Galushka.

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