Medvedev Pledges Continued Support for Russia’s Far East

GORKY, Russia, April 28 (RIA Novosti) – Russian Prime Minister Dmitry Medvedev said Monday that the country’s Far East would remain high on the list of investment targets, despite recent pledges of investment for the country’s newest region of Crimea.

“The Far East will remain the priority target for development [projects] even after the recent changes in the country’s structure,” Mr. Medvedev said at a Cabinet meeting.

According to Medvedev, the government meeting will debate a bill that aims to set up a so-called “special economic zone” in the Far East’s Magadan Region by 2025. The draft law includes tax cuts and easier VAT refunds.

Medvedev said he hoped tax breaks would boost the region’s economy and help reduce workforce flight triggered by years of poor funding.