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- Russia and Japan Set up Joint Venture for Investment Projects in the Russian Far East
Today, during the Russian Investment Forum (RIF) in Sochi, it was announced about the set-up of a Russian-Japanese joint venture for investment projects in the Russian Far East. Its founders are Japan Bank for International Cooperation (JBIC), the Far East Development Fund (FEDF), and the Far East Investment and Export Agency. A relevant agreement within the framework of RIF was signed by Tadashi Maeda, Chief Executive Officer of JBIC, Aleksey Chekunkov, Chief Executive Officer of FEDF, and Aleksandr Konkov, First Deputy General Director of the Far East Investment and Export Agency.
The establishment of the joint venture is a practical step aimed at implementing the previously reached agreements on developing the cooperation in the context of the Russian-Japanese investment platform created to raise the Japanese capital for projects in the advanced special economic zones (ASEZ) and the Free Ports (FP). The platform will become a ‘single window’ for Japanese investors and ensure comprehensive assistance in terms of information support, business planning, liaison with public authorities at all stages of project delivery, i.e. from obtaining the status of a resident of ASEZ and FP to commissioning new enterprises.
Joint initiatives are aimed at adopting efficient state-of-the-art technologies, import substitution as well as the export of products. In particular, Japanese investors are currently interested in building medical centres, woodworking enterprises, and plants producing construction materials in the Russian Far East, and increasing the capacity of current agricultural complexes.
“I am sure that the Russian-Japanese investment platform will be integrated into the unique ecosystem created by the government for investors in the Russian Far East. The shareholding of such strong international partner as JBIC will enable to involve extensive business ties of the bank and raise an additional private capital from Japan for projects in advanced special economic zones and the Free Ports,” said Aleksey Chekunkov, Chief Executive Officer of the Far East Development Fund.«Japan Bank for International Cooperation (JBIC) is a policy-based financial institution wholly owned by the Japanese government. JBIC provides policy-based finance with a mission of contributing to the sound development of Japan, the international economy and society as a whole», Tadashi Maeda, Chief Executive Officer of JBIC said.