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Answering a question from a resident of Russky Island in the Far East, Putin said 500 billion rubles ($ 20 million) was allocated for the development of the Far East and the Trans-Baikal region for the next 4-5 years. This was the highest allotment for federal target programs, he said, adding that the money would help eliminate the problems faced by those living in the Far East. However, there were more systemic problems in the region, such as the disparity of prices for energy and transport services, as well as infrastructure problems.

The Far East economy should focus on developing its own energy sector and traditional industries, such as aircraft and ship building, Putin said, adding that the initiatives would be supported by the United Shipbuilding Corporation. “The government is also thinking of ways to ease the Far East’s dependence on rising prices for airline and railway transportation services,” he stressed, noting that the system of cross-subsidizing would be used for the purpose. But the main solution would be to increase personal earning levels in the Far East. “The Far East is a sour point for the government and officials. About 1.5 million people have left the region recently,” Putin complained.

In 2012, Vladivostok will host the Asia-Pacific Economic Cooperation (APEC) summit, he said. The event will be held on Russky Island, for which one or two bridges will be built between the island and Vladivostok. “The creation of such infrastructure will boost the region’s economy, attracting investment, including from abroad,” Putin noted.