The Government has decided to overhaul the system of development institutes of the Russian Far East and Arctic, which will be reformed as a single development institute.

The reform will involve the Human Capital Development Agency in the Russian Far East and Arctic (HCFE), the Far East Investment and Export Agency (FEIEA), the Far East Development Corporation (FEDC), and the Far East Development Fund (FEDF), which will be integrated into a single Far East development institute.

“As a result, our Russian and foreign investors and partners implementing projects in the Russian Far East and Arctic will be able to deal with one institution,” reads a press release of the Ministry for the Development of the Russian Far East and Arctic.

The ministry will continue working with investors within the framework of previous agreements and will also launch new projects with the support and active involvement of the new integrated development institute.

This consolidation will “enhance the effectiveness of interaction between the state and businesses, and will make the procedure as simple and convenient as possible for the people, Russian companies and their foreign partners.”

The reform will also promote the systemic development and creation of more favorable conditions for doing business in the Russian Far East and Arctic.