Russia’s Far East has huge investment potential - Ernst & Young

There’s a lot of opportunity for investors in the Russian Far East, according to Ernst & Young (EY) CIS Managing Partner Joe Watt, who praised the work of the Russian government, saying a lot has been put in to develop the region.

Talking to RT on the sidelines of the Eastern Economic Forum in Vladivostok, he called the Far East ‘free hectare’ initiative “very interesting” as it warms up international interest toward the region.

“I think it creates a buzz and gets a lot of people across the country to take an active interest in what’s happening here. From that perspective it’s very valuable..,” said Watt.

According to him, it’s a very well-targeted program and the government, together with the private sector, should continue working on developing quality infrastructure to attract foreign investors.

“That will allow people to come here… and have some confidence in their future. I think people will come, the environment is great here.”

Watt stressed there’s a lot at stake for Russia - not only the land and the proactivity of land but also domestic and foreign trade, food dependency and international security issues.

The port of Vladivostok could become an international sea hub and the authorities are already working in that direction, said Watt. He explained it’s the closest sea port to the northeast of China and it is very important for all the production and development that’s happening there.

“As I understand, at the moment there’s a number of companies, including from China and South Korea, looking at public-private partnership (PPP) top projects to develop the infrastructure,” said Watt, adding there’s need for a predictable regulatory environment to make those things happen.