Czech, Austrian, Japanese Firms Eye Forest Processing In Russia's Far East - Minister

Czech, Austrian and Japanese investors are considering joining projects related to forest processing in Russia's Far East, Russian Minister of Development of the Far East and the Arctic Aleksey Chekunkov told Sputnik on Wednesday

MOSCOW (UrduPoint News / Sputnik - 19th January, 2022) Czech, Austrian and Japanese investors are considering joining projects related to forest processing in Russia's Far East, Russian Minister of Development of the Far East and the Arctic Aleksey Chekunkov told Sputnik on Wednesday.

"Major foreign investors come to the region in order to create new timber processing capacities and increase the depth of wood processing.

Such as, for example, the Japanese real estate holding Iida Group. The company will invest about 11 billion rubles ($143 million) in the development of the largest timber holding in the Far East in the next five years," Chekunkov said.

The minister also said that the existing plants producing lumber, veneer, and pellets will be expanded and new refinery capacities will be built. He added that "a number of Czech and Austrian investors are also considering projects" worth more than 33 billion rubles ($429 million) in the Far East.