vlad.tribnet.com / Issue #161 / Business / Reading article...

Russia, Taiwan open ports

Russia and Taiwan signed a deal Jan. 9, 1998 that opens up their ports for ships of either country. Previously, Russia-bound cargoes had to travel from Taiwan around Eurasia to Finland. Last year, business between Russia and Taiwan exceeded $3 billion.

Fish business swimming

Dalmoreproduct caught and processed more than 314,000 tons of fish, worth 3.2 billion new rubles ($533 million) in 1997, the company recently announced. This was an increase of about 8 percent over the 1996 catch. One company executive said the company accounts for 15 percent of the total Russian fishing industry output. Export revenues came to $270 million last year, compared with $250 million in 1996. U.S. and Japanese importers bought 183,000 tons of fish products in 1997. The executive said Dalmoreproduct has settled all the budget payments and has 14 million new rubles ($2.3 million) in net profits.

Cargo dwindles in port

The Vladivostok Commercial Sea Port handled 3,288,000 tons of cargo in 1997, only 80.6 percent of the 1996 total amount of cargo, port officials reported recently. Import cargoes rose to 115.8 percent from the previous year while exports dropped to 74.2 percent. The port handled 25,000 fewer tons of grain but 46,000 tons more sugar. The port handled more than 572 ships over the course of the year, officials said.

Sakhalin, EBRD form bank

The Sakhalin Oblast administration, Russian Uneximbank and the European Bank for Reconstruction and Development recently announced the formation of a new bank on Sakhalin Island to finance promising investment projects. Sakhalin administration holds 35 percent of the bank’s shares, private companies on the Island hold 10 percent, Unexim 35 percent and EBRD retains 20 percent. The Sakhalin Oblast administration indicated it would transfer its hard currency reserves from the local Inkombank office to the new bank.

Russians spend cash in China

Russian tourists spent $400 million in China in 1997, customs officials reported. China, Primorye’s biggest tourist partner, received 190,000 trips from the Krai in 1997. Recreational tourism was the primary form of tourism in the country, supplanting shopping tourism from previous years.

Governor considers eliminating debt

Gov. Yevgeny Nazdratenko recently met with directors of Primoriye’s largest companies to discuss a Krai-level draft law that would allow companies to write off outstanding debts to the krai budget. Companies can now default on 400 million rubles (new) of back taxes and over 800 million rubles of fines. Cancellation of bad debts and fines would save many large companies from collapse and bring more taxes in the future, according to the Krai administration. The bill will be introduced to the Krai Duma for consideration in the near future.