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s the vanguard of the global growth amid the sagging economies of Europe and United States, Asia is expected to spur Russia’s economic revival.

The timing for Russia to lure potential Asian investments could not be better, with the upcoming leaders’ gathering of the 21 member economies of the Asia-Pacific Economic Cooperation (APEC) in Russia’s far-east port city of Vladivostok on Sept. 8-9.

For Russia, it may also be the exact time to put Vladivostok on the world’s map, as the country’s naval base for its Pacific fleet was previously closed to the international community until the Soviet Union fell in 1991.

Moscow, located some 9,000 kilometers to the west with a seven-hour time difference, has pampered its window on the east in hopes of improving the city’s image in the eyes of investors and tourists from Pacific-rim countries.

The city, whose name translates as “Ruler of the East”, has received around US$21 billion from the Kremlin to improve its crumbling infrastructure by constructing a new network of roads, bridges, airports and revitalizing its waterfront.

The budget also includes funds for the development of Russky Island that is now at the center of world attention as the venue of the APEC Summit.

The island was once a restricted area as a home to numerous military units including the renowned Vladivostok Fortress.

There have never been any industrial, construction or any other facilities on the island, making it a popular holiday destination for locals.

But now, the island is a home to the Far Eastern Federal University — a newly built education center that will first be used to accommodate the APEC delegations.

College buildings and dormitories have been temporarily upgraded into hotel rooms that can accommodate around 5,500 people.

“The Kremlin intends to use the APEC Summit to initiate an economic trickle effect by investing heavily in its far-east region,” said Indonesian Ambassador to Russia Djauhari Oratmangun on Tuesday.

“It’s their strategy to show the world, particularly Asia, that Vladivostok is an attractive place to invest.”

The city, which is the capital of Russia’s Primorsky Krai territory, has few business activities outside used-car imports from Japan and South Korea.

As its industry has lagged behind western Russia, the city’s population has been on a steady decline as many of its young and educated workers moved to seek more promising careers elsewhere.

Russia’s officials expect the after effects of the APEC Summit to keep the city’s residents from working elsewhere.

“For us, these facilities are very important in the framework of this [APEC] event, as well as for the city and for the residents. And these facilities give us the opportunity to work better and to ensure that investments continue to flow in. Today, we have the opportunity to discuss these issues and to determine what will come after APEC,” said Primorye Territory Governor Vladimir Miklushevsky on Sunday.

Russia has all the reason to look to the East as Europe falls deeper into financial crisis. The country has long depended on Europe to spur its economy. On average, 51.3 percent of the country’s exports headed to Europe over the past 10 years.

In 2011, Russia’s gross domestic product grew by 4.2 percent, the world’s third-highest growth rate among leading economies. The government expects it to grow 3.7 percent this year.

Russia’s emphasis on the East is also expected to help safeguard its interests against the rise of China, which might seek to tap into Siberia’s natural resources.