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Russia's Vladivostok to receive new investment

Xinhua, June 16, 2016 Adjust font size:

Russian Deputy Prime Minister Yury Trutnev said on Wednesday that 27 companies have been approved to settle in the free port of Vladivostok.

Their investments, estimated to surpass 14.3 billion rubles (about 217 million U.S. dollars), were approved at a meeting Wednesday, according to the Ministry for the Development of the Russian Far East.

"Each of these new investment projects is very important for us. We're glad that people have a desire to invest, and we'll help them," Trutnev said at the meeting of the 4th Supervisory Board of Russia's free port Vladivostok.

Some 2,000 jobs are expected to be created by these projects, which include construction of a water park, a state-of-the-art yacht port, factories and logistic centers, according to Trutnev.

Favorable terms will be given to the new settlers, including on state land purchase and taxation.

Vladivostok was granted free port status in 2015 to attract investment and boost cross-border trade. Endi