Russia suggested holding an APEC summit in 2012 last November on Russkiy Island, in Peter the Great Bay, to the south of Vladivostok.
The idea was recently welcomed by the ministers of the 21-nation economic alliance in Sydney. The bid will be considered after the 2011 rotating presidency has been announced.
"We are ready to invest large sums of money to develop Russkiy Island (where the summit is expected to be held)," Sergei Darkin said.
Substantial investment will go into the environment, water supply and sewage systems, tourism, services, and infrastructure, construction, ranging from a conference centre, an international press centre, a medical centre, and hotels to opera and ballet theatres.
There are plans to create by 2012 major engineer and transport infrastructure aiming to develop the island, including the remote areas, he added.
The Primorye governor said that the Vladivostok airport is currently undergoing reconstruction and redevelopment to create modern airport facilities and world-class runways to gain a new operational efficiency.
A number of special economic zones will also be set up to boost development of the region and attract investment.
However, Russia's economics minister, German Gref, said Vladivostok is not ready to host the APEC summit for the moment.
"If it were ready, there would be no summit there," he said, adding that Russia had chosen the city in the Far East to boost economic development of the region.
Gref said Russia welcomed foreign investment in Vladivostok, including APEC countries.
APEC is the world's largest international trade and economic organization, with member countries accounting for 2.5 billion people and with a combined GDP of $19 trillion. Major regional nations include Russia, Australia, Canada, China, the United States, Japan, and South Korea.
