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Moscow, Tokyo to create platform for Japanese investment in Russian Far East

Xinhua, August 22, 2016 Adjust font size:

Moscow and Tokyo are set to create a platform for attracting Japanese investment in the development of Russia's Far Eastern region, said Alexander Galushka, Minister for Development of the Russian Far East.

He told Xinhua in a recent interview that the Japan Bank for International Cooperation (JBIC), Tokyo's credit agency, plans to sign with Russia's Far East Development Fund and the Agency for Investment and Export Promotion in the Far East a correspondent agreement on the sidelines of the upcoming 2nd Eastern Economic Forum scheduled for early September.

"The JBIC's participation in this project is a systemic signal to the Japanese business that there is a possibility to conduct a profitable business and invest in the Far East," Galushka said.

According to him, trade and economic cooperation between the two countries has intensified markedly after the meeting between Russian President Vladimir Putin and Japanese Prime Minister Shinzo Abe in May of this year.

Japan accounted for more than seven percent of all investment attracted to the Far East via new investment instruments, and one of the most successful projects was a greenhouse complex, built by Japanese investors in the Khabarovsk region, Galushka said.

The minister also said that on the sidelines of the forum, a feasibility study of the project of energy supplies from Russia to Japan will be presented and the formation of the Russia-Japan-Korea-China energy ring will be discussed.

"We believe that such cooperation has a powerful and mutually beneficial basis," Galushka said. Endi