President Putin urges businesses to invest in the development of sea ports

At a meeting of the Presidium of the State Council, President Vladimir Putin announced the need to raise additional capital for the development of domestic sea routes. According to him, the sea cargo turnover decreased 3 times as compared with 1990. The port infrastructures are quite obsolete and the majority of sea facilities fail to meet modern technology requirements, the President said. What makes it worse is that the depths and lengths of waterways have notably decreased over the last years.

The President emphasized that the development of inland water transport would benefit the development of regions. According to him, rivers and canals play an important role in establishing and strengthening ties in Russia’s economic space. Water transport is currently less costly than road transport, and in some regions it is the only means available.

Attracting private investors and businesses can greatly contribute to the development of ports and quays. The majority of port facilities are currently carried as assets of government agencies and funds are often not enough to develop and upgrade them. Raising additional capital will help upgrade the existing technology facilities and promote the development of the domestic marine industry.

Vladimir Putin put a special emphasis on the need to use modern navigation technology to improve the efficiency and safety of the operation of sea waterways.


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