He Zhenwei, Deputy Secretary General of the China Overseas Development Association (CODA) attended the inaugural Eastern Economic Forum in Vladivostok, Russia from 3 to 5 September according to china.com.cn. After the forum, the Deputy Secretary General granted an interview where he expressed a positive outlook on Sino-Russian cooperation in the Far East. According to Mr. He, Russia has agreed to open Vladivostok as a free port, and has given the green light to establish nine advanced development zones, where enterprises will be granted preferential tax refunds and exemptions, as well as expedited approval procedures.
Russia has agreed to provide the necessary land for the project, and will provide basic infrastructure in the development zones. Chinese enterprises may also participate in the construction of this infrastructure, and have been encouraged to bid for projects.
China’s Sirius Holdings is the first Chinese enterprise to benefit from the preferential policies, and has already invested in the petroleum industry and put into operation a cement plant with an annual capacity of 600,000 tons.
Mr. He also announced that Russia will be a guest of honor at the 2015 China Overseas Investment Fair (COIFAIR), which will be held this year in Beijing on 22-23 October. Russia will use this opportunity to promote their investor friendly policies, preferred industries/segments and their investment projects. Russia's Primorsky Territory will separately send a delegation to attend the event and promote the Vladivostok free port and advance development zone projects.