“The business environment is being simplified to the maximum, including in capital construction, and we are actually introducing a visa-free regime for foreign citizens,” Putin said, according to local agency Rossiyskaya Gazeta.
“I am convinced that these new opportunities will draw the interest of investors from China and a number of other Asian countries to the implementation of our plans.”
The Russian economy has faced significant headwinds in recent months as a combination of international sanctions and a global slowdown have impacted revenues.
Earlier this year the Russian Prime Minister Dmitry Medvedev announced $242 million of subsidies to help expand capacity and drive growth and drive “the creation and reconstruction of infrastructure” in the Far East and the Baikal region.
“We are actively implementing a programme of socioeconomic development of the Far East and the Baikal region, which includes dozens of major investment projects,” Putin explained. “Priority development areas, along with special economic zones, should become the ‘locomotives’ of economic transformation in the Far East, sort of clusters that attract and accumulate investment and technology.”
The government hopes that deregulation coupled with hefty subsidies will attract more than $2.2 billion of private investment to the region. One of the largest ports projects is the planned expansion of the Port of Vladivostok at a cost of $7 billion.
The Port of Vladivostok provides bulk handling, ro-ro and containerized cargo services and has become the focus of attention for energy exports with Russia and Japan agreeing plans to build a LNG export facility at Vladivostok.
The port’s container handling facilities have seen strong growth with volumes set to rise to over 600,000 TEUs in 2015 after hitting a record level of 500,000 TEU in 2014.