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Russia's Voronezh Region is focusing on the innovative sectors
Russia's Voronezh Region is focusing on the innovative sectors of the economy to attract other sources of income to the area, the regional governor said.

"There is no oil or gas in the region, so we must look for different sources of income. Therefore, our region should move over to an innovative method to develop, which requires new production facilities," Vladimir Kulakov said in an interview.

He said three special industrial zones - machine-building, nuclear machine-building and construction materials production zones - will be assigned for new enterprises there.

Kulakov said the regional administration, companies and organizations signed deals worth over 96 billion rubles ($4.2 billion) during an investment forum in Voronezh in late June. "This is mostly why the forum was organized - so that investors could see with their own eyes the potential the region has to offer," he added.

"The signing of an agreement to establish an organization that will promote cooperation between Japan and the Voronezh Region was one of the main achievements of the forum in the foreign economic sector," the governor said.

Foreign investment in the regional economy totaled $160.3 million in 2007. As many as 300 joint ventures and branches of companies from Austria, Britain, Germany, Poland, Sweden and other countries opened offices in the region.

"Siemens's world IT center and an oil extraction factory of the Bunge company are worth mentioning as being among the largest joint projects. The Voronezh-II production facilities, being built by Amtel-Vredestein, will become one of the most advanced tire works in Russia," the governor said.


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