Russian Far East attracts $2.4 bln in Chinese investments

Russian Far East Development Minister Alexander Galushka.

Russian Far East Development Minister Alexander Galushka.

Alexei Kudenko / RIA Novosti
New Russian government incentives are popular with Chinese investors.

Chinese companies have invested around $2.4 billion in projects in the Russian Far East, Russian Far East Development Minister Alexander Galushka said on July 5.

“Due to new Far East development mechanisms, such as Territories of Advanced Development (TAD), the Vladivostok free port, the Far East Development Fund and targeted infrastructural project support, the volume of investments that was attracted came to 1.1 trillion rubles, or around 110 million yuan,” Galushka was quoted as saying by Sputnik News.

“All of these mechanisms are popular with Chinese businesses. The volume of Chinese investments came to 163 billion rubles, or 16 billion yuan.”

Read more: Altai-based company looks to export Russian mead to China

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