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Options for expanding cooperation between the island region and foreign partners originating from EU countries were discussed in Moscow a day before.
EU investors ready to do business in Sakhalin Region
Options for expanding cooperation between the island region and foreign partners originating from EU countries were discussed in Moscow a day before. The Association of European Businesses has hosted a presentation of the Sakhalin Region for potential investors. Today, the Association of European Businesses unites 500+ foreign companies operating in Russia. Its members include both major international corporations, small and medium-sized enterprises from EU countries.
When introducing the region to potential investors, Governor Oleg Kozhemyako of the Sakhalin Region mentioned the Region's key competitive advantages – accumulated experience of cooperation with foreigners in oil and gas, available resource base (such as (apart from hydrocarbons) timber, fish, sea products, unique natural conditions) as well as ice-free ports and close vicinity to the Asia-Pacific Region market.
The regional authorities have initiated the start of a New Economic Policy providing for the promotion of a number of sectors such as agriculture, fishing, food processing, construction materials, logging and inbound tourism. Businessmen electing to work in these areas are offered a series of preferences and benefits.
Even more attractive conditions are offered to investors by two advanced social and economic development territories (Yuzhnaya (agriculture) and Gorny Vozdukh (sports and tourism)) created at Sakhalin via the mechanisms of administrative, tax and customs preferences. Currently, a total of 14 applications have been filed by different companies seeking the status of a "Priority Development Area resident", 6 of which have been granted.
Existing investors also shared their business experience with potential investors in the course of Sakhalin Region presentation. E.g. a project devoted to the development of Mega Palace Hotel complex in Yuzhno-Sakhalinsk was unveiled.
The first business proposals were voiced for the Sakhalin party. For instance, a representative of Philips voiced the company's intention to introduce the regional government to advanced healthcare technology. Further to this, Oleg Kozhemyako expressed readiness to receive the company's representatives.
Summarizing the presentation's results, Oleg Kozhemyako invited the EU investors to visit the Sakhalin Region in order to assess business advantages offered by the region in situ.
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