Investments in creation of 6 paper mills in Far East could reach $10 bln
VLADIVOSTOK. August 8 (Interfax) - The Far East Investment and Export Agency has announced the development of a program to create six pulp-and-paper mills in the region.
Investments could total $10 billion.
"The program as a whole interests leading financial and industrial groups in Russia, major state banks, and leading state companies in China. Leading pulp-and-paper companies in Russia, China, Indonesia, Singapore, India, and South Africa are showing interest in individual projects within the program," Investment Department Director Daniil Polovinka was quoted as saying in the press release.
The six mills could produce a total of 5.5-6 million tonnes of market pulp a year and would create up to 10,000 jobs, he said.
The program is in line with the state strategy for the development of the lumber industry up to 2030. It will be presented at the 5th Eastern Economic Forum in Vladivostok in September.
Encouraged by the Ministry for the Development of the Russian Far East and Arctic, the government has taken a number of decisions aimed at boosting lumber processing: for instance, the duty on exports of round timber is being raised from 25% in 2018 to 40% this year, 60% next year, and 80% in 2021, while an export duty of 6.5% is applied for companies involved in the deep processing of timber.