The Ministry for the Development of the Russian Far East (Minvostokrazvitiya): territories of advanced development fuel the demand for small business

15th October 2014

The Minister is confident that the arrival of large investors will enable SMEs to grow to a new level

The head of Minvostokrazvitiya Alexander GALUSHKA is convinced that the arrival of large investors will generate a demand for the development of small business, will enable SMEs to shape and develop at a new qualitative level.

According to the press service of the Ministry, Alexander GALUSHKA told MPs about the principles and stages of the creation of the territory of advanced development (TAD) in the Far East: the allocation of 14 sites, elaboration of criteria, the work on the draft law, the formation of the investor base, the signing of cooperation agreements. Minister separately underlined the crucial positive role of TADs in new quality development of small business.

 “TADs – is the demand for a new manufacturing small and medium business in the Far East. Given the forecast of the volume of gross output of TADs planned to be created in the Far East in 2020 at 727.7 billion rubles a year, a demand that can be satisfied by companies of the SMEs sector equals 167.4 billion rubles a year”,- said Alexander GALUSHKA.

He also spoke about the key ideas of the draft law on TADs, which will be considered by the State Duma deputies: a large-scale deregulation and tax incentives. He dwelled upon on the principles of selection and implementation of investment projects in the Far East, citing the example of the Chukotka Autonomous District, where industrial production increased by 187 percent in the first half of 2014 due to the implementation of two projects.



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