MOSCOW - Russian President Vladimir Putin said speeding up the development of Russia's Far Eastern Federal District is a national priority, emphasizing that continued efforts are necessary to maximize the region's competitive advantages and potential.

Putin made the remarks on Thursday at a meeting on the development of the district's fuel and energy complex. "We must continue to speed up growth and fully tap into the region's competitive advantages and potential," he said.

Putin noted that over the past decade, electricity consumption in the Far East has risen by 28 percent, double Russia's national average growth rate of 14 percent. "This is a comprehensive, positive indicator that reflects the region's real progress," he added.

READ MORE: Russia hosts 8th Eastern Economic Forum to boost ties

He also pointed out that the Far East boasts substantial large-scale hydropower potential, which remains underutilized at present.

"Hydropower plants not only ensure reliable electricity supply for the region, but also deliver what we call 'comprehensive benefits' to the economy and social sector, from securing local water supplies to flood prevention. This is of great relevance to the Far East," Putin said.

READ MORE: Chinese vice-premier to attend economic forum in Russia

Following his China visit, Putin traveled to the Russian port city of Vladivostok to attend the 10th Eastern Economic Forum, which ends on Sept 6.