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6th Eastern Economic Forum to begin in Vladivostok


6th Eastern Economic Forum to begin in Vladivostok

Photo: CGTN

Russia’s 6th Eastern Economic Forum will begin today in Vladivostok, lasting until September 4.

In 2015 President Putin established the Eastern Economic Forum (EEF) to prioritize economic and multi-sector development in Russia’s Asia-Pacific region via new opportunities for domestic investment. Representatives from roughly 60 countries and thousands of business stakeholders attend yearly to discuss infrastructure, business and trade development. In 2018, the EEF secured $42.3 billion in investment deals, and $46.4 billion in 2019. Development of trade relations with and between ASEAN, EAEU and SCO states also remains a key priority at the forum.

The possible renewal of EU sanctions against Russia in January 2022 may result in less-than-average investment in the short term. Yet, in light of Russia’s steady economic rebound from last year, expect this year’s EEF to secure renewed investment towards enhancing trade. In particular, given the supply-chain issues including the Suez Canal’s blockage earlier this year, East Asian and Northern European states at the EEF will likely discuss and further develop the accessibility of Russia’s northern sea trade route – a faster, cheaper, and less delay-prone alternative that would provide Russia with transit fees.

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