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EBRD to increase investment in Russian Far East

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VLADIVOSTOK, June 21 (RIA Novosti correspondent Anatoly Ilyukhov) - The European Bank of Reconstruction and Development (EBRD) plans to increase investment activities in the Russian Far East, bank officials announced at a meeting with presidential envoy in the Far Eastern federal district Konstantin Pulikovsky in Khabarovsk Tuesday.

According to Yevgeny Anoshin, the presidential envoy's press secretary, the EBRD has already invested in several large projects in the Russian Far East.

During the meeting, Pulikovsky emphasized that the 21st century is the century of the Asian-Pacific region.

"The Far East is the gate to Europe and the European part of Russia in the region. The development of the Far East will promote further development of the European economy," he said.

The Far East is becoming an attractive region for foreign investors. The volume of foreign investment in the region doubled in 2004 over 2003, exceeding $5 billion.

Pulikovsky showed the EBRD officials a list of large, nationally important investment projects. It contains 26 projects on development of transport and energy industry infrastructure in the Far East. Among them are two projects related to the construction of the East Siberia-Pacific Ocean oil pipeline.

Pulikovsky also invited European bankers to invest in the prospecting and exploration of oil and gas deposits on parts of the Okhotsk Sea shelf, known as Magadan-1 and 2.

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