OREANDA-NEWS. In the course of the Petersburg International Economic Forum-2013, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ the Administration of the Primorsky Territory, OJSC the Far East and the Baikal Region Development Fund (Vnesheconombank Group) and Changi Airport International entered into a Memorandum of |Understanding. The parties agreed to implement a project on the development of the Vladivostok International Airport and airport infrastructure.

On behalf of Vnesheconombank the Memorandum was signed by Chairman Vladimir Dmitriev, on behalf of the Administration of the Primorsky Territory – by Governor Miklushevsky, on behalf of the Far East and the Baikal Region Development Fund by – Director General Pavel Grachev and on behalf of Changi Airports International - by Chief Executive Director Lim Liang Song.

Under the Memorandum the Far East and the Baikal Region Development Fund intends to take an active part in implementing the project on transforming the airport into a major transport hub in the Far East.

In order to prepare a plan for the comprehensive development of the Vladivostok airport as well as develop a route network, operate and maintain the airport the parties intend to use best practices of Changi Airports International.

The parties are sure that the project’s implementation would help to expand access to air transportation for residents of the Far East, increase their mobility, develop the region’s infrastructure and create new jobs.