Russian Pacific Congress thinks big about the future

An economic revolution, construction, and an investment boom await Russia’s Far East – that’s the general tone at the Pacific Economic Congress which has opened in the city of Vladivostok.

The international forum is being held for the first time, but has gathered many prominent guests, among them officials from the Asia-Pacific Economic Co-operation organisation.

Russia will be using the forum to put forward its bid to hold the presidency of APEC in 2012.  

The final decision on the presidency for that year will be made at this year's summit in Sydney in September. If Russia wins, it promises to invest about $ US 3.8 BLN dollars in the Far East, which is more than the money allotted for the Sochi Winter Olympics.

“I came here with money – big money – which I am sure will give an incentive to develop the region and attract private investment,” joked Russian Finance Minister Aleksey Kudrin.

The summit is planned to take place on Russky Island which is located in the Sea of Japan. Being a vast territory rich in natural resources, it is hoped that hosting APEC will be a catalyst for developing the island's infrastructure and tourism.