Minister of Russian Far East Development Alexander Galushko announced that six projects were approved for implementation on Monday.
According to a report from the Eurasian Development Bank (EDB), these projects have potential to drum up $2.19 billion in private investments. They also state that the government would only have to invest approximately $290 million.
The region has a wide range of natural resources and is not as populated as other areas in the country. According to the report, it only houses approximately 6.2 million people.
"The domestic market is very small," Galushko said. "But there is a huge foreign market, which is closer than Moscow -- these are Asian countries: the world’s number one economy, China, number three, Japan, and the most dynamically growing economy, Indonesia, [with] GDP growth 13.5 percent last year."
The projects are projected to add 8,300 positions in the region; the EDB also states that there is potential for additional projects.
"There are no restrictions here," Galushko said. "The land is given for any purposes: agriculture, business and housing construction. It is allotted to all the citizens of Russia."