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In the next 10 years, TOP should attract 1 trillion of private investments - Galushka

7 August President Vladimir Putin met with the Minister for the Development of the Far East Alexander Galushka, the Kremlin's press service reported.

Galushka briefed the President on the programs for the comprehensive development of the Far East and the elimination of the consequences of the flood. The prospects of creating territories for outstripping development and implementation of investment projects in the region were also discussed.

The head of the Ministry for the Development of the Russian Far East emphasized that the department needs to focus on those key priorities that will really allow for the advanced, accelerated development of the Far East. “The main thing that all this work should lead to is that we must win competition, conditions for investment and doing business in the Far East with our direct competitors in the Asia-Pacific region with these territories of advanced development,” Galushka added.

The Ministry of Development and Development expects that after the adoption of the draft law, after the allocation of the necessary funding from January 1, 2015, it will be possible to start with a project to create advanced development territories and attract new investors. Important in this process is the creation of favorable conditions, including the provision of a package of tax preferences that will attract investors.

For each territory of advanced development it is planned to create supervisory boards. In the coming 10 years, 14 TOR is expected to attract 1 trillion in private investment.

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