As innovation news portal Venture Business News reports, the Primorsky region, in Russia’s Far East, has announced plans to hold next year on Russky Island just outside Vladivostok its Pacific Venture Fair.

The event is reportedly expected to bring the regional businesses and foreign capital closer together, and also arm regional entrepreneurs with innovation programs developed by local students and young scientists.

“I have talked repeatedly about changing the region’s image. Projects in the field of small and medium-sized business support, like the Fair, are vital as a catalyst of innovative entrepreneurship here. Our region has a unique geographical position, and our neighbors are countries that create advanced technologies; so I’m sure Primorsky also must develop hi-tech production sites in its territory,” emphasized Vladimir Miklushevsky, the governor of the region.

He thinks that “just making an impression on investors” is not enough; the region needs an operational venue, some sort of business incubator, in which ideas are not only generated but also get implemented.

The decision to hold a Fair is only tentative; both timeframes and programs have yet to be worked out.