China Petrochemical Development is interested in the Free Port of Vladivostok

Taiwan based China Petrochemical Development is interested in the Free Port of Vladivostok project, says Wang Jian Ye, Head of the Representative Office of Taiwan in Russia according to the Ministry for the Development of the Russian Far East.

Though China Petrochemical Development has been in Russia for only a couple of months, Mr. Wang Jian Ye says he is aware of Russian Government’s strategy on localization of foreign production facilities in Russia. “I think, Russia is moving in the right direction … We will pay special attention to special economic zones in Russia. These initiatives will bring more profit if we cooperate”, he said.

He thinks the Free Port of Vladivostok is an important strategic project. For a long period of time it has been one of the largest ports in the region, highly important for fishing ships of Taiwan.

“China Petrochemical Development which is based in Taiwan came to this region last year to research the market. We hope this will give an impetus to our cooperation. I can say the interest in this region of Russia is very high as it shows rapid growth”, he said.

Federal Law on the Free Port of Vladivostok came into effect on October 12, 2015. Aleksandr Galushka, Minister for the Development of the Russian Far East earlier said that potential investors had proposed seven projects valued at over RUB 60 bln. The Russian government offers the port’s residents free road and utilities infrastructure.  Additionally, the residents are offered profit tax privileges.