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Production of Fertilizers Supported by Philippine Investors Is Planned in Yakutia

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The Philippine authorities plan to invest in the joint project on production of fertilizers in Yakutsk on the basis of the advancing development area “Kangalassy” and also to develop projects in power and tourism. The minister of investment development and business of Yakutia Anton Safronov reported about this to TASS on Tuesday.

"The Philippine side has become interested in production capabilities of “Kangalassy” to create on its base a joint venture for production of fertilizers with the subsequent sales of products in the Asia-Pacific markets. There are all necessary conditions for coproduction, including natural gas for power supply of production. Besides, investors are interested in development of energy projects, including gas", – Anton Safronov has told following the results of negotiations with the deputy minister of trade and the industry of Philippines Rouel Barba.

According to Safronov, during the visit the meeting with the Russian Ambassador of the Republic of Philippines Igor Hovayev took place, who has expressed his readiness to help the establishment of mutually advantageous foreign trade communications.

As the minister has told, projects of Yakutia are planned to be considered at the next meeting of the Russian-Philippine intergovernmental commission on trade and economic cooperation which is slated for 2018.

There are 12 companies working in the industrial park “Kangalassy” 12, that realize projects with the volume of investment more than 2.6 billion rubles, it is planned to create more than 300 jobs. “Kangalassy” is the only territory of the advancing development in the Far East focused on small and medium business.