Minister for the Development of the Russian Far East and Arctic Alexei Chekunkov will chair the Board of Directors at the Far East Development Corporation (FEDC), following a decision passed at a board meeting.

Earlier, First Deputy Minister for the Development of the Russian Far East and Arctic Gadzhimagomed Guseinov held the position.

The Far East Development Corporation is an integrated development institution under the Ministry for the Development of the Russian Far East and Arctic. The FEDC attracts investment using state support mechanisms that have been created in the Far East and the Arctic and helps businesses implement industrial and infrastructure projects aiming to accelerate economic development and to improve the quality of people’s lives.

Today, the FEDC helps implement over 2,600 Far Eastern projects worth 6.3 trillion rubles. An additional 219 investment projects costing 370 billion rubles are under way in the Russian Arctic and in the Capital of the Arctic priority development area. Over 14,000 jobs are also being created.