Far East Development Ministry plans to attract 11.5 trillion rubles of investment to the Far Eastern Federal District through national program
The Ministry for the Development of the Russian Far East and Arctic has submitted to the government a draft national program for the development of the Far East that envisages at least 11.5 trillion rubles of investment in the local economy and a 60 percent increase in residential construction, the ministry's press office reports.
Russian President Vladimir Putin instructed the Ministry to draft a national program for the development of the Far East at the Eastern Economic Forum in September 2018.
On November 5, the Ministry submitted a draft presidential executive order to the government, On the National Program for the Development of the Far East until 2025 and for the future until 2035, the statement reads.
The national program targets three goals: economic growth 50 percent faster than the national average; improving living standards in the Far East to exceed the national average; and stopping the outflow of the population.
"To achieve these goals, the national program includes specific measures. The economic measures, for example, should lead to a 50 percent increase in the total exports of the Far East, the share of non-primary exports reaching 40 percent of the total and an inflow of at least 11.5 trillion rubles into the macroregion's economy," the ministry reports.
As a result of these measures, 1,265 local villages will have transport accessibility; housing construction in the Far East will grow by 60% percent. The national program also states the targets, tracks and measures to accelerate the socioeconomic development of each of the 11 regions in the Far East, which were elaborated taking into account the views of their residents.