Outcomes of Eastern Economic Forum

Outcomes of Eastern Economic Forum

Photo: http://ria.ru

On September 9, the Eastern Economic Forum (EEF) ended, and the day before a plenary session was held as part of it, at which the Russian President Vladimir Putin delivered a speech.

During his speech, Vladimir Putin spoke primarily about the development of the Far East and the strengthening of relations with Asia-Pacific countries. It should be recalled that the plenary session was attended by Vietnamese Prime Minister Pham Minh Chinh, Indian Prime Minister Narendra Modi, and Malaysian Prime Minister Ismail Sabri Yakob.

However, Putin started his speech with a description of the global challenges posed by the end of the pandemic. He believes that Western countries are actively pursuing a sanctions policy against Russia and imposing their patterns of conduct on other countries. According to the Russian President, the reason for this was the “slipping dominance of the United States.”

As stated by the Russian President, breaking ties with Russia leads to the closure of businesses in Europe, and the niche of European businesses that suffered because of the sanctions will be taken by the United States. In addition, he recalled the abandonment of “compromised currencies.” Putin also touched on the issue of the rising global inflation, caused by the “short-sighted” policy of the West. As for the export of grain from Ukraine, the President noted that only 3% was sent to developing countries, the rest went to the European Union.

In addition, during his speech at the forum, the Russian leader declared the independent policy of the Russian Federation and protection of its interests. Putin stressed that our country “cannot be isolated.”

As for natural resources, he said that Russia can fully support itself, and that the Far East plays “an essential role” in this regard, since it has oil, gas, coal and metal. The head of state also paid attention to rural areas, urging that funds from the extraction of biological resources be used for their development.

According to Putin, the development of ports opens many new opportunities for Russian companies, and now there is literally a “logistics boom” in the Far Eastern ports. Meanwhile, additional funds will be used to improve not only the Far East, but also other Russian cities.

He also touched on the topic of education in the Far East Region.

Vladimir Putin noted that the Russian authorities will improve the quality of higher education by attracting qualified teachers and grants, and there are plans to open 900 workshops and 29 production and education clusters in colleges.

According to Yuri Trutnev, Deputy Prime Minister and Presidential Plenipotentiary Envoy to the Far Eastern Federal District, more than 260 agreements totaling 3.2 billion rubles ($55.17 mln) were concluded at the Eastern Economic Forum, with some deals being commercially sensitive. The amount of the agreement concluded between UAC and Aeroflot was more than 1 trillion rubles ($17.24 bln.) The air carrier is to receive 339 planes of Russian production from 2023 to 2030. In addition, 94 investment agreements and memorandums were signed. During a teleconference the agreement on increasing Russian gas supplies to China and, most importantly, the transition to settlements in national currencies was signed between the Chinese oil and gas company CNPC and Gazprom.

At the past forum, Yakutia's delegation signed a number of agreements, in particular, on cooperation in the construction of the Dzhalinda (Russia) – Mohe (China) international railway bridge, which was concluded with the Amur Region.

The simultaneous launch of four hybrid power plants in the Momi region right “from the fields” of the EEF became one of the key events. Yakutia alone plans to sign more than 40 agreements to the tune of 330 billion rubles ($5.69 bln.) The other territories of the Far East have equally ambitious plans.

According to Trutnev, the main result of the Eastern Economic Forum is that decisions were made that will help develop the Far East even faster. He believes that the Far Eastern Federal District is now “outpacing” the Russian average thanks to preferential regimes, which have not only paid off, but have also brought 50 billion rubles ($862.1 bln) in profit to the Russian budget.

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