«We adopt new measures on cooperation in the Russian Far East. This February, JBIC together with russian organizations established a company responsible for development and promotion of projects. Said company will support the investments of Japanese companies, as well as their participation in the market in terms of identification of new projects»
Speech at the Russia-Japan Business Dialogue panel discussion during the St. Petersburg International Economic Forum 2018
In 2018, Japanese Project Promotion Vehicle in the Far East (JPPV) was established (JPPV) with the participation of Far East Development Fund (FEDF), Far East Investment and Export Agency ANO (IA) and the Japan Bank for International Cooperation (JBIC).
The main goal of the Vehicle is to attract Japanese investors to the advanced special economic zones and free port of Vladivostok, as well as to support said investors at every stage, from investment decision-making to launch of a project.
The Vehicle is aimed at escalation of contacts and exchange of information between Russia and Japan. JPPV acts as a mediator between the Japanese funds and Russian investment opportunities, as a conduit and a catalyst for economic cooperation between the two countries.
Official website of the vehicle: www.jppv.ru
- The establishment of the Vehicle was agreed upon in May 2016 during the meeting involving Yury Trutnev, Deputy Prime Minister of Russia and Presidential Envoy to the Far Eastern Federal District and Tadashi Maeda, CEO of JBIC.
- In December 2016, during the visit of Vladimir Putin, President of the Russian Federation, to Japan, the Term Sheet for the Vehicle establishment was signed.
- In April 2017, during the visit of Shinzō Abe, Prime Minister of Japan, to Moscow, a shareholders’ agreement on establishment of the Vehicle was signed by FEDF, IA, and JBIC.
- In March 2018, the joint venture was registered in Vladivostok.
- In April 2018, the Vehicle was officially launched in Vladivostok. The ceremony was attended by the management of JBIC and FEDF, the representatives of the Japanese diplomatic corps in the Russian Far East, regional and local authorities and development institutions, as well as the Japanese and Russian entrepreneurs. Back then, 8 investment projects had already entered the elaboration stages.
- In May 2018, the first projects supported by the Vehicle featuring an estimated total cost of 3.5 billion roubles were presented at the SPIEF. Said projects included creation of a modern greenhouse complex using Japanese technologies in Kangalassy ASEZ with a planned production capacity of over 2.2 thousand tonnes of cucumbers, tomatoes, and greens, construction of a used cars recycling plant, an agricultural enterprise in Primorsky Territory (Nadezhdinskaya ASEZ), and a plant for silicon dioxide processing and further export to Japan. Japanese partners under the projects include multiple major companies (Hokkaido Corporation, Arai Shoji Co. Ltd, JFE Engineering, etc.).