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6 September '17

The Eastern Economic Forum Launched in Vladivostok

The Eastern Economic Forum Launched in Vladivostok

On 6 September, the Eastern Economic Forum (EEF), one of the biggest annual business events in Russia and Asia Pacific, was launched in Vladivostok.

On the Forum’s sidelines, talks were held between President of Russia Vladimir Putin and President of South Korea Moon Jae-in. The heads of state also visited an exhibition held as part of the EEF at the Far Eastern Federal University. The President of Russia also met with Wang Yang, Vice Premier of the State Council of the People’s Republic of China, who is the head of China’s delegation at the EEF.

On the first day of the EEF, 10 agreements worth RUB 1.16 trillion were signed on the Forum’s sidelines. The biggest agreement was signed by the Far East Development Corporation (FEDC) and Eastern Petrochemical Company. The project entails building oil refining and petrochemical industries in the Neftekhimichesky ASEZ (Primorye Territory) with investment of RUB 660 bn. The project will create 4,420 jobs. Another major agreement was signed by the Ministry for the Development of the Russian Far East with an investor that will build the Nakhodka Fertiliser Plant in the Primorye Territory. Total investment in the project will exceed RUB 387 billion and more than 1,950 jobs will be created.

Vladimir Putin said that he expected the value of contracts signed with Chinese partners at the current Eastern Economic Forum to be no less than last year, which was RUB 1.9 trillion.

The current EEF is expected to exceed its predecessors in scale. Over 3,000 participants from over 50 countries will attend the event. Foreign guests of the Eastern Economic Forum may now use the simplified visa regime that has been in force at the Free Port of Vladivostok since 1 August 2017. As well as Presidents of Russia and South Korea, Prime Minister of Japan Shinzo Abe and President of Mongolia Khaltmaagiin Battulga are expected to attend the Forum.

The Eastern Economic Forum has been held since 2015; it is Russia’s second-biggest economic event after the St. Petersburg International Economic Forum. Russia’s top four forums also include the Yalta International Economic Forum held, like the EEF, since 2015.

Sergey Lazutkin, Director of the YIEF Foundation, notes, “The experience of holding Russia’s biggest business events is certainly important for us. When preparing for YIEF 2018, we will do our best to use the cutting-edge experience employed at the SPIEF and the EEF, Russia’s major forums, in preparing and holding discussions, in delegate management services, in holding concomitant expo events, etc.”

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