Putin outlines Russia’s competitive edge

The Far East region has an economically advantageous location close to global logistic routes, according to the Russian president

The proximity of Russia’s Far East to major international logistic routes is one of the region's major advantages, President Vladimir Putin said on Wednesday on the sidelines of the Eastern Economic Forum (EEF) in Vladivostok.

The Russian leader was speaking at a meeting on the development of infrastructure in the Far Eastern Federal District. The EEF is Russia’s major platform aimed at developing the economy of the country’s eastern-most region and expanding international cooperation in the Asia-Pacific.

“A powerful competitive advantage of the Far East is … its inclusion in the global system of movement of goods flows,” Putin said. “Therefore, all our plans for the development of transport corridors in the Far East should be linked to projects for the development of the Northern Sea Route,” the president stressed.

The Northern Sea Route (NSR), which stretches the entire length of Russia’s Arctic and Far East regions, is expected to become a major trade route for goods shipped between Europe and Asia. It could drastically reduce transportation times compared to traditional pathways through the Suez or Panama canals.

Development of the resource-rich Far East and the NSR is a strategic priority for the country, according to Putin. Russia will ensure all-year navigation on the Arctic route, he said in February in his address to the Federal Assembly. He also invited foreign partners to use the NSR.

READ MORE: Northern Sea Route now a major international shipping artery, minister tells RT

Freight traffic via the route has been growing steadily. Russian authorities expect annual maritime cargo flows along the NSR to reach as much as 200 million tons by 2030. They plan to boost cargo throughput at northern seaports and to increase the country’s Arctic fleet.