Far East a fountain of opportunities

Russia has long made the development of the Far East a priority and initiated the Eastern Economic Forum to promote economic development and international cooperation in the vast region. The participation of the heads of state and government of China, the Republic of Korea, Mongolia and Japan in the fourth Eastern Economic Forum in Vladivostok, Russia, earlier this month has given the annual event added significance.

Various factors have prompted Russian President Vladimir Putin to hold this high-profile forum. Thanks to the abundant resources and vast expanse of land, the Far East has lots of potential which the economic powerhouses of China, Japan and the ROK can tap and ease the headwinds Russia's economy is encountering.

The Western economies' sanctions have forced Russia to look East with much greater resolve to strengthen relations with China, Japan and the ROK, so as to attract more countries to develop the Far East. Through the forum, the Fast East has attracted more and more investment, which crossed $40 billion last year, and could increase further this year.