Putin says Far East resources must be processed locally

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Russia will continue to develop mining, including oil, gas, coal, gold, and rare earth metals, in the eastern and northern parts of the country. It is important that the extracted resources are processed locally, Russian President Vladimir Putin emphasized during his speech at the Eastern Economic Forum (EEF).

"We are talking about metallurgical, gas and petrochemical enterprises, the production of fertilizers, and so on. The goal is to create value chains right here, in the Far Eastern and Arctic regions, to create jobs, increase incomes of regional and municipal budgets," Putin said.

He also noted the need to increase the capacity of high-tech industries, specifically in shipbuilding, aircraft manufacturing, robotics, electronics, mechanical engineering, space industry, and pharmaceuticals. Additionally, traditionally important sectors for the region, such as forestry, agro-industrial complex, fishing, and aquaculture development, should receive additional impetus.

Putin also stressed the importance of ensuring sustainable sales of products from enterprises in the Far East and Arctic regions.

"For this purpose, among other things, the tool of offset contracts should be used. This tool is being developed with the support of VEB (Vnesheconombank). It means that businesses investing in new production facilities are guaranteed long-term demand for their products from the state, regions, and municipalities," he added.