Private Investment Needed for Transarctic Transport Corridor, Says Minister

VLADIVOSTOK, September 2. /TASS/. The comprehensive project to develop the Transarctic Transport Corridor (TTC) and Russia's Arctic Zone cannot be implemented with state funding alone and will therefore require a combination of private investment and government infrastructure support, Russian Far East and Arctic Development Minister Alexey Chekunkov told TASS in an interview ahead of the Eastern Economic Forum.

"At the same time, we understand that a project of this scale cannot, and need not, be implemented solely at the state's expense. The government's role here is not to take the place of business. Our task is to create the necessary infrastructure, reduce risks, establish clear and stable rules and help make complex, long-term projects economically viable," he said.

According to Chekunkov, it is this combination of private investment and government infrastructure support that should make TTC projects attractive to businesses and ensure the necessary scale of investment.

The Eastern Economic Forum is being held on September 1-4 in Vladivostok on the campus of Far Eastern Federal University. The forum is organized by the Roscongress Foundation with the support of the Russian government. TASS is the general information partner.