Business opportunities in Russia’s Far East and Vladivostok

In August 2014, the Russian government created a Special Economic Zone (SEZ) for the Vladivostok Region to promote economic development. The Ministry of Finance and the Ministry of Economic Development will invest RUB 5.365 billion into the venture and undertake infrastructure improvements. The SEZ also will entail incentives and benefits for investors and residents.

In July, the prime minister of the Russian Federation, Dmitry Medvedev, called for additional legislative initiatives, including tax incentives and various forms of state investment, in the Russian Far East, a federal district that includes nine political entities. Several ministries proposed a strategy for economic development in the area that will involve redistributing funds already allocated for government programs. The Ministry for the Development of the Russian Far East also is drafting additional legislation, in cooperation with other ministries, to accelerate the region’s development.

For more information about the Vladivostok SEZ and Mr. Medvedev’s initiative, see the article in the 3 October 2014 version of “Focus on South Korea” from ART DE LEX that is available here. The newsletter has information about other business opportunities that involve Russia and South Korea. It also contains details about the 17 October 2014 legal seminar in Seoul that will examine business possibilities in Russia, a joint effort of ART DE LEX and the Korean International Trade Association (KITA).