Oil and aluminum magnate Roman Abramovich, 34, a confidant of President Vladimir Putin, told reporters in Seattle on Wednesday that investors who bring cash to the impoverished state of Chukotka, which elected him governor last December, would face "zero" political risk.
Abramovich, with a personal fortune estimated at $2 billion, was in Washington state drumming up support for Chukotka, which is just across the Bering Strait from Alaska.
"Every investor must decide whether it is worthwhile investing or not," Abramovich told a news conference.
"Political risk in Chukotka will be zero. We're going to take action and do everything we can. If companies are willing to invest in mineral resources, for example, we will publish any data that exists. For tourism, we will simplify the manner of entering the country," Abramovich said.
Some companies, notably Seattle-based aerospace giant Boeing Co., have expanded their ties to Russia, and Abramovich visited company officials earlier this week.
The young governor said transparency was the key element in his administration.
"All budget organizations have received their salaries. This hasn't happened in Chukotka in many years," he said.
"We have made the budget transparent so that anyone interested can see where money is going. That was my principle when working in business, and now it is my principle also in government."
Fishing, construction and mining are among the main potential areas for foreign investment in poverty stricken Chukotka.
Before becoming governor, Abramovich was a deputy in the State Duma, the lower house of parliament, for Chukotka.
One of Russia's most enigmatic oligarchs, he is a major shareholder in oil giant Sibneft and co-founder of Russian Aluminum, the world's No. 2 aluminum producer.
Sibneft, which now produces around 370,000 barrels of oil per day, reportedly has plans to drill exploratory wells in Chukotka later this spring.
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