What is the News ?

The Eastern Economic Forum, taking place in the Russian port city of Vladivostok, will be graced by the presence of the Union Minister of Ports, Shipping & Waterways.

Facts About:

The EEF, established in 2015, serves as a catalyst for attracting foreign investments into the Russian Far East (RFE). It effectively showcases the economic potential of the region, favorable business conditions, and enticing investment opportunities.

• The significance of the EEF is underlined by the remarkable increase in agreements signed during the forum, surging from 217 in 2017 to a staggering 380 agreements in 2021, valued at 3.6 trillion roubles.

These agreements span various sectors, including infrastructure, transportation, mineral exploration, construction, industry, and agriculture.

Key Players:

• In the RFE, China, South Korea, Japan, and India emerge as pivotal players, with China leading the pack as the largest investor.
• China recognizes the potential for advancing its Belt and Road Initiative (BRI) and the Polar Sea Route in the RFE, accounting for a substantial 90% of total investments in the region.

Objectives:

• Russia's strategic vision for the RFE involves linking the nation to the bustling Asian trade routes.
• Through rapid modernization efforts in cities such as Vladivostok, Khabarovsk, Ulan-Ude, Chita, and more, Russia aims to attract increased investments to fortify its economic resilience amidst challenges like economic crises and sanctions, with support from China and other Asian powers.