JBIC Signs MOU to Establish the Russian Far East ASEZ Investment Promotion Platform
Supporting Japanese Companies’ Business Development in the Russian Far East Region
The Japan Bank for International Cooperation (JBIC; Governor: Akira Kondoh) signed on September 2 a memorandum of understanding (MOU) with the Far East Investment and Export Agency (FEIA)*1
and the Far East and Baikal Region Development Fund (FEDF)*2
, government organizations of the Russian Federation (Russia), for establishing the Russian Far East Advanced Special Economic Zone Investment Promotion Platform (the “Platform”).
Under the Platform, JBIC, FEIA, and FEDF will work toward promoting Japanese companies’ investment in the Advanced Special Economic Zone (ASEZ)*3
of the Russian Far East and Baikal region, by cooperating to improve investment climate and form businesses in ASEZ, while disseminating information on ASEZ to Japanese companies.
The Russian government positions the development of the Far East and Baikal region as the top priority and, in addition to their own active attraction of both domestic and foreign investment, this establishment of the Platform is expected to contribute to promoting investment from Japanese companies in ASEZ of the region.
As Japan's policy-based financial institution, JBIC will continue to assist Japanese companies in developing businesses in ASEZ of the Russian Far East, while contributing to build stronger economic relationship between Russia and Japan.
- *1 FEIA, established in 2016 under the Ministry for the Development of the Russian Far East, conducts public relations and other activities to attract investment into the Far East region.
- *2 FEDF, established in 2011 by the Bank for Development and Foreign Economic Affairs (Vnesheconombank), provides loans and investments for infrastructure development in Russia’s Far East and Baikal region.
- *3 ASEZ is a region where preferential tax treatment and deregulation have been introduced, and infrastructure development is carried out by the Russian government, with 12 areas of the Far East and Baikal region currently designated as ASEZ, including Habalofsk. In ASEZ of the region, companies not only benefit from the system but also have easy access to the Asian market, including Japan, and effectively use the vast land mass and rich natural resources.