Russia's Far East and Arctic Development Ministry suggests Thailand create Int'l Advanced Development Area

KHABAROVSK. April 27 (Interfax) - Russian Minister for the Development of the Far East and the Arctic Alexei Chekunkov, during a meeting of the Russian-Thai mixed commission in Bangkok, proposed that Thailand create an International Advanced Development Territory (TOR), the ministry's press service said.

"In accordance with the decision of Russian President Vladimir Putin, the Russian government is working to create a new special preferential regime for foreign investors in the Far East. We are ready to consider the possibility of creating a Russian-Thai International Territory for Advanced Development," the press service quoted Chekunkov as saying.

The countries are already cooperating in various sectors: trade, joint projects in the field of agriculture and animal husbandry, and other areas, he said.

"The Russian side is working in Thailand to create a socially significant infrastructure in the healthcare sector. We look forward to expanding the portfolio of investment projects, including in the transport and logistics, industrial and energy sectors," the minister said.

Chekunkov said that he considers it important from the point of view of increasing trade to continue work to expand the access of goods from Russia and Thailand to the markets of both countries, create a favorable climate for business, and resolve issues related to logistics and financial settlements.

"Concrete steps have been outlined in these areas and we will gradually implement them. We plan to use the potential of the working groups on industry, energy, agriculture which exist as part of the intergovernmental commission, as well as groups on interbank and trade and economic cooperation," he said.

The minister added that it is necessary to make efforts to increase the number of joint investment projects.

Earlier, with reference to Deputy Prime Minister - Plenipotentiary of the President of the Russian Federation in the Far Eastern Federal District Yuri Trutnev, it was reported that, in his opinion, International Advanced Development Territories should work on the basis of intergovernmental agreements, which will additionally work to protect investors. There are plans to provide for settlements in the national currencies of the countries that will work in the Territories.