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Putin and DP World chairman discuss Russian investment

Russian President Vladimir Putin and DP World chairman Sultan Bin Sulayem hold talks on sidelines of Eastern Economic Forum (EEF) in Vladivostok.
Russian President Vladimir Putin and DP World chairman Sultan Bin Sulayem hold talks on sidelines of Eastern Economic Forum (EEF) in Vladivostok.
Russian President Vladimir Putin and DP World chairman Sultan Bin Sulayem hold talks on sidelines of Eastern Economic Forum (EEF) in Vladivostok.

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Russian President Vladimir Putin has met Sultan Ahmed bin Sulayem, chairman of DP World and chairman of Ports, Customs and Free Zone Corporation, at the opening of the Eastern Economic Forum (EEF) held in the port city of Vladivostok, Russia.

Speaking at the EEF, which was held to encourage international investments in Russia’s remote but resource-rich eastern region, Putin said the Russian government would create the “best conditions for domestic and foreign investors to conduct business – so that in performance and return on capital, the Russian Far East can successfully compete with leading business centers”.

During the meeting with the Russian president, Sultan bin Sulayem discussed opportunities for cooperation to support Russia’s efforts aimed at developing its Far East region and expressed DP World’s readiness to actively contribute in this venture.

President Putin underscored his nation’s desire to maintaining good economic and business relationships with the UAE, praising the country’s incredible across-the-board progress and its leading position in the global trade and port industries.

Putin particularly highlighted the prominent UAE investments based in Russia, being one of the major foreign direct investors in the country. He said that Russian port sector offers great opportunities for investment, where DP World can be effectively involved in the development of such a promising industry.

Putin welcomed DP World into the Russian market and asked both Yuri Trutnev, deputy prime minister of Russia and presidential envoy to the Far Eastern Federal District, and Maxim Sokolov, minister of transport of the Russian Federation, to provide the global port operator with help in establishing its potential business operations in the Far East.

Bin Sulayem described the meeting with the Russian President as “a precious opportunity” which enabled exploring the existing and future potential of joint cooperation in the port operation and free zone sectors both within the Far East region of the country and across the Russian federation in general.

“DP World has got the expertise and resources which position us to be a key player in the execution of Russia’s development plans, particularly for its eastern region’s port and free zone industry,” he said.

The creation of the Free Port of Vladivostok will be the most ambitious project to stimulate the economic development of the Russian Far East and the successful integration of Russia into the international economic relations system of the Asia-Pacific region.

In December 2014, Russian President Vladimir Putin for the first time offered to grant the capital of Primorsky, Vladivostok, the status of a free port with easy customs regime.

The project is aimed at the enhancement of cross-border trade, the development of transport infrastructure and the inclusion of the Primorsky Territory in the global transport routes.

It is also intended to attract investment, create a network of logistics centers with special conditions for transporting, storing and partial cargo handling, organize non-resource export-oriented industries and increase high value added productions.

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