Business leaders support Russian proposals during APEC summit

Business leaders from the Asia-Pacific Economic Cooperation (APEC) have endorsed a series of initiatives, some of which proposed by Russia, during a meeting of APEC's Business Advisory Council (ABAC) last week in Ho Chi Minh City, Vietnam.  At the conclusion of the meeting a document containing recommendations for economical development in the Asian-Pacific region was adopted. The document also addressed the global challenges faced by the region, such as food security in Asia, environmentally-friendly development of Eastern megalopolises, innovation and optimization of infrastructures.

Russia proposed  an initiative intended to improve the connection between Europe and Asia by increasing the efficiency of railway services across Russia as well as navigation through the Northern Sea Route. $8 trillion over 8 years are estimated to be required for the project, a considerable share of which would be taken on by private capital.

Russian representatives also suggested standardizing the procedure of transfer of technologies, which should lead to an acceleration in their distribution. Another proposal submitted by the Russian team is the development of "green cities", created in compliance with modern environmental standards. The project is envisaged to direct a considerable amount of energies and resources towards the reduction of harmful gases emissions and the development of an efficient alternative power system.

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