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The Ecnomy in the Transition Period in Siberia-Far Eastern Asia

Author Sim Kim,Lee Date 1996.04.01 Page 0
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The regional economies of Russia are gaining new importance, as regional governments are winning more control over their own economies in the process of Russian economic reform. This may bring new opportunities and challenges to foreign companies intending to take advantage of this change. This report focuses on Siberia and the Russian Far East as one of the most promising and important regions of Russia with which we can promote economic cooperation. There are several reasons for this : Siberia and the Russian Far East, which are the resource backbone of Russia, are expected to play a prominent role in the future economic development of Russia, if these regions can solve various problems; their foreign economic relations with North East Asian countries are expanding, although foreign trade and foreign investment regimes of Russia are not yet well established; economic cooperation in the North East Asia are gathering new momentum as Tumem River Area Development Program is entering into a new phase of implemention. However, in the short to medium term, it is very important to bear in mind that there exist immense risks in Siberia and the Russian Far East in terms of political, economic, social security. Foreign companies are not willing to invest large sum of money without creation of an environment conductive to investment. In conclusion, this report recommends strategy for economic cooperation with these regions in consideration of both opportunities and constraints, and tries to identify some promising regions and industries in Siberia and the Russian Fast East for foreign direct investment.