apecsummit26

Asia-Pacific, Russia’s strategic priority

Monday, 10 November 2014 17:23

The twenty-first century has already been called ‘the Pacific century’. As part of the Asia-Pacific region, Russia must make use of the competitive advantages offered by this fast-growing economic, technology and innovation centre.

In turn, Russian regions such as Siberia and the Far East offer a unique chance for this vast region’s countries to effectively develop and make use of the opportunities there and further strengthen their potential. 

Cooperation with the Asia-Pacific region is one of Russia’s strategic priorities. The overall constructive spirit that characterises our relations with the vast majority of countries in the region is very important. We value this spirit greatly and will do everything possible to develop bilateral and multilateral cooperation in a wide range of areas.

Many Asia-Pacific region countries offer successful examples of roads to follow in developing their competitive abilities. They have taken the lead in innovation sectors and have considerable financial and investment resources at their disposal. Even faced with the negative global trends of recent years, they have kept up a good pace and had only a slight slowdown in growth.

At the same time, in order not to end up caught in a more protracted slowdown, countries in the region will need to carry out significant structural reforms.

Trade with the Asia-Pacific region countries represents more than a quarter of Russia’s total trade today.

We want to increase this share to 40% and we are taking concrete steps to expand the geography of our exports and increase the share of non-raw materials and high-tech goods.

In the Far East, we plan to establish a network of fast-growth zones offering tax incentives and simplified administrative procedures. The plan is that the companies located here will focus on narrow exports of non-raw materials, above all to the Asia-Pacific region. 

Direct foreign investment from Asia-Pacific region countries in the Russian economy has doubled since 2009 and now comes to nearly $10 billion.

Russian investment in the Asia-Pacific region countries is more modest and came to slightly more than $1 billion as of the end of last year. We will work actively to correct this imbalance. We hope in particular that the establishment of the National Coordination Centre for Developing Economic Relations with the Asia-Pacific Region Countries will make it possible to launch new projects with Russia’s involvement.

Vladimir Putin

President of Russia.

(Excerpts from his speech at Asia-Pacific Economic Cooperation (APEC) Summit)

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