Two federal agencies set up for development of the Russian Far East

The Russian Government will spend $8.7 million to set up the agencies.

On September 8, the Russian government announced the establishment of two new agencies to speed up the development of the country’s Far Eastern regions. The new agencies will be called The Agency for the Development of Human Capital in the Far East and the Agency for Investment and Export Promotion in the Far East. Russian President Vladimir Putin spoke about the creation of the new agencies at the Eastern Economic Forum, which was held in Vladivostok last week.

The state budget has a provision of $8.7 million for the creation of agencies, which will operate under the leadership of the Ministry for Development of the Far East and get the status of autonomous organizations.

The purpose of the Agency for the Development of Human Capital is to provide labor resources for the Far East Federal District both from other regions of Russia and from abroad. The agency will operate mainly on the all-Russian open positions database called Jobs in Russia.

The Agency for Investment and Export Promotion should “contribute to attracting investors to the Far East,” as well as exporting products to help local businesses in the Asia-Pacific region, the Russian government said in a press note. 

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