What were the importance and key outcomes of the 5th Eastern Economic Forum (EEF)?
The Eastern Economic Forum is organized by the Russian Government to provide a platform for the international community to discuss, deliberate and explore avenues for the growth and development of the Russian Far east region.
About the Russian Far East
- The Russian Far East is physically large but sparsely populated region in the Eastern part of Russia. It stretches from the shores of Lake Baikal to the seashore of the Pacific Ocean.
- While contagious with the territory of Siberia, the Russian Far East has expanded to include the territory of the Zabaikalsky Krai and the Republic of Buryatia and is also responsible for the development of the entire Russian Arctic Zone.
Importance of the Eastern Economic Forum
- The Eastern Economic Forum allows for a discussion on a very diverse and broad range of topics.
- This includes the development and creation of several new economic regimes and the improvement of the investment climate.
- The Eastern Economic Forum aims for the development of a new economy to be created in the region which will support a wide range of corporations and small forms by tax breaks, preferred administrative breaks, loans provided on concessional rates and the support from the state development institutions.
Achievements of the Eastern Economic Forum
- For the growth and wellness of all Russian and foreigners living in the Russian Far East, the Russian Government has ordered the creation of over 57 centers for economic growth.
- These centers have received additional funding from the Russian Government for the construction of public utilities like schools and nurseries, hospitals as well as medical and obstetric stations, cultural centers and sports facilities.
- The current economic growth of the Far Eastern region is nearly 4%, which is nearly twice that of the Russian Economy’s growth rate.
- However, the policy planners at the Eastern Economic Forum aim to increase the growth rate of the Russian Far East to over 6% per year.
- Till date, over 17 different countries including China, Japan, the Republic of Korea, Australia, New Zealand, Vietnam have decided to invest in the development of the Russian Far East.
Aim of the Eastern Economic Forum
The main aim of the Eastern Economic Forum is to make the Russian Far East more accessible to investors and make it convenient for the people to live in the region.
The 5th Eastern Economic Forum 2019 took place from September 4–6 in Vladivostok, Russia on the premises of the Far Eastern Federal University (FEFU).
Key Outcomes of the 5th Eastern Economic Forum
- India has decided to extend a line of credit of over USD 1 billion dollars for the development of the Russian Far East.
- A large Russian conglomerate, Kolmar group has also entered into discussions with Indian energy companies Tata Power and Coal India for developments of coal mining projects in the Far East. A team of the Coal India has even visited the Kolmar company in Yakutia.
- A large business delegation which accompanied Vladivostok with the Indian Prime Minister signed deals and explored avenues to triple the current trade turnover between the two countries of India and Russia.
- To reach this ambitious target of USD 30 billion by 2025, new opportunities to increase trade will have to identify and they will be facilitated by the India Lounge.
- India is also exploring avenues to increase logistics and transport in the region like the development of ports for the easy transport of natural resources.
Other countries like China have also shown their interest in felicitating the development of manufacturing in the Russian far east. The region near the Chinese border has been identified for the development of electric manufacturing plants and the Chinese are keen to use Russia’s massive train facility to run goods to Europe.
Topics: Countries • Eastern Economic Forum • Economy of Russia • Far Eastern Federal University • Geography of Asia • International organizations • Russia • Russian Far East • St. Petersburg International Economic Forum