Updated September 8, 2008

   Russia’ government funds 15 large economic projects for RUR 82 billion. The majority of these projects will be implemented in the Urals. The regional development minister Dmitry Kozak declared about these plans within the economic forum held in Yakutsk. This city became a temporary Russia’s financial centre.

   The first Economic Forum of such high level was held in Yakutsk because the Republic of Sakha is today’s leader by the forecasted investments’ volume, since about $63 billion will be directed to the implementation of the largest economic projects. As a result, the region will get new roads, power stations, mining and processing enterprises and plants. The Russian business’ representatives take much interest in working here.

   In its turn, the government is ready to boost the mega-projects as transparent as possible. Some amendments to the work of Russia’s investment fund will be introduced to achieve this aim, as the regional development minister Dmitry Kozak declared.

   "Among the key changes can be named such as the disbureaucratization and simplification of the procedures, the rise of the government’s responsibility for the decisions taken, the development of the key financial restrictions that are not set yet for the decision-making on the governmental support of one or another investment projects", as Mr. Kozak declared.

The Territory is rich not only in diamonds and in gold. Some large companies are ready to develop new mineral deposits here.

   "When our iron-ore project is launched, its price will attain about $10 billion, and it will provide about 30 000 people with jobs. However, it will be realized in the short-term prospect, when the enterprise and four deposits will be launched", as the president of Alrosa Ltd. Sergey Vybornov said.

   So, it goes about one project, and more than a dozen are presented within the Forum: the Forum’s booth presented models of different enterprises, bridges and railways. However, the already operating projects were here as well, such as the actively constructed East Siberia-Pacific Ocean Oil Pipeline. The capital of Yakutia will have soon the railway connection. The construction of the first works for uranium ores’ processing was started. The Republic’s uranium supplies are one of the largest worldwide. These large projects will encourage the achievement of Russia’s national strategic aims. It is almost impossible to construct independently the transport and energy infrastructure, therefore, the close cooperation of the government and business is required.

   The key issue of the projects presented at the Forum is the state-private partnership. It means that the state undertakes obligations, concerning each project, on the development and design of the infrastructure objects, and the business is engaged in the construction of plants, works and other enterprises. In the analysts’ opinion, such procedure is the most favorable today, and as a result, both parties get the dividends.

   The foreign partners have taken much interest in the Economic Forum despite the fact that it is the first forum of such level held in Yakutia. The businessmen from Germany, Japan, China, Canada and other countries declare that today Russia is one of the most attractive markets. For instance, the Canadians already have large capital investments in the Far East – they are engaged in the production of non-ferrous metals.

   "From the fundamental viewpoint, Russia’s economy is very strong and it has huge prospects. So, we will continue investing facilities in this country", as the representative of the Canadian consulting company John Kempl stated.

   "Lately, we see that the opportunities of the cooperation are expanding, because we don’t have any problems with the Russian Federation, and we understand the overall situation", as the representative of the United Arab Emirates Omar Gobage said.

   The project of the South Yakutia’s development became the largest project at the Forum. If this project is implemented, the wide number of hydroelectric power plans, several mining and processing enterprises and coal mines will be constructed – the huge new industrial region for more than RUR 425 billion.

   This project and the range of other will be realized by 2020, and the works are started already. At the end of the Forum, its participants signed a range of agreements, and undertook some obligations