Primorye and the regions of Northeast Asia have concluded an Agreement on the Development of Logistics and Trade

Primorye and the regions of Northeast Asia have concluded an Agreement on the Development of Logistics and Trade

Heads of the regional administrations of Northeast Asian countries have signed a Declaration on International Exchange and Cooperation. In the document they noted the necessity to deepen the interregional economic cooperation and broaden the humanitarian and social ties. The common position was supported by Jing Junhai – the governor of Jilin province in China, Batzhargal Zhigzhid – the governor of Central Aimag of Mongolia, Nogawa Satoshi – the vice-governor of Tottori prefecture of Japan, Chon Manho – the vice-governor of Kangwon province in the Republic of Korea, and Konstantin Bogdanenko – the vice-governor of Primorsky region.

All the participants of the Agreement have positively estimated the advantages of doing business in Primorye provided by the special economic zones regimes. In Primorye those are the Advanced Special Economic Zones and the Free Port of Vladivostok.

“Currently the amount of the residents of the Free Port of Vladivostok has exceeded 900 companies. More than 40 of them attract foreign capital from countries, including China, Republic of Korea and Japan. 84 companies have already become residents of the 4 Advanced Special Economic Zones, 12 of them have attracted investments from the countries of Northeast Asia" – the acting governor or Primorsky region Oleg Kozhemyako pointed out.

Particular attention is being paid to the development of transportation systems. For example, the Administration of Gangwon-do province, Republic of Korea, plans to establish a railway service through Vladivostok to Mongolia and China, central Russia and further to Europe. All the participants discuss the incorporation of the existing routes to form the new international land and sea transportation systems.

Measures aimed at the development of trade between the states were also proposed by the participants of the Summit. As Konstantin Bogdanenko, the vice-governor of Primorye, stated, 82% of the regional trade flow is accounted for by the countries of Northeast Asia. According to the results of the first half of 2018, trade flow with the People's Republic of China accounts to 53% (3,5 mln USD), with the Republic of Korea – 18% (638 mln USD), with Japan – 10% (358 mln USD), with Mongolia – still around 5,5 mln USD.

"Heilongjiang province on a permanent basis hosts the center for Russian goods, where the representatives of small and medium enterprises may present their products and conduct negotiations with future partners. We propose to open similar venues in Jilin, Kangwon provinces, Tottori prefecture, in Central Aimag and in our region. All the participating countries will be able to present their goods and enter the new markets." - Konstantin Bogdanenko noted.

Participants of the 23rd Summit of the Regional Administrations of Northeast Asian countries on International Exchange and Cooperation will continue the thorough discussion of these and other proposals at the meeting of the Council on Economy, that will be attended by the heads of administrations and businessmen.