Systemic underfunding of Far East projects hinders growth of foreign trade volumes
Over the coming five-seven years, the capacity of Primorsky Territory ports will increase from the current 150 million tonnes to 300 million tonnes taking into account the projects being implemented in the region now, IAA PortNews correspondent cites Primorye Governor Oleg Kozhemyako as saying at the meeting at the Federation Council.
He reminded about the launching of port Sukhodol of 20 million tonnes in capacity scheduled for September 2023.
“Accordingly, customs payments to the federal budget will grow. In 2022, customs payments in Primorye exceeded 800 billion, in 2023 we expect 1 trillion. Taking into account the ports under construction, customs payments will grow by 200-300 billion per year,” said the head of the region.
According to Oleg Kozhemyako, systemic underfunding of infrastructure projects in the Far East hinders the growth of foreign trade volumes.
Besides, the Governor reminded about the growth of the load on the ports in the region caused by the eastward pivot of logistics.
“The business has shifted cargo flows to our ports. Therefore, the foreign trade dynamics has increased by 20% to about $13 billion per year. The trade geography has expanded, from 90 to 120 countries, mainly in the South-East Asia,” he said.