110 billion rubles to be invested in Arctic projects

110 billion rubles to be invested in Arctic projects

October 26, 2020

The Russian government has invested over 110 billion rubles in Arctic projects and the Northern Sea Route.

#ARCTIC. #SIBERIA. THIS IS TAIMYR. Russian Prime Minister Mikhail Mishustin announced this at the meeting on the prospects for the development of the Northern Sea Route and Arctic projects in Murmansk.

“The state is investing in infrastructure development projects. Port terminals and a railway network are being built. The total volume of public investments exceeds 110 billion rubles”, the press office of the Cabinet of Ministers quotes Mishustin.

According to the head of the government, it is important to use various instruments for the development of infrastructure in the Arctic, including public-private partnership. In this regard, 246 personal accounts of potential investors have already been created on a special portal Arctic Russia with announced projects totaling more than 202 billion rubles and 10 thousand jobs created. To date, 18 of them have already submitted applications with an investment volume of more than 80 billion rubles.

“The Arctic today is becoming a favorable region for investment. Today, the world’s largest free economic zone has been created in our northern regions. It should become an attractive place for business from completely different industries and of different sizes. Everyone should get an equal opportunity here. Moreover, this is enshrined in a package of laws on state support for entrepreneurial activity in the Arctic”, Mishustin summed up.

May we remind you that in July, the Federation Council approved a package of laws on the system of preferences in the Arctic. According to the new laws, the Russian Arctic has become a special economic zone, and any entrepreneur registered on its territory who is ready to implement an investment project and invest at least a million rubles will be able to obtain a resident status. Together with the status, the entrepreneur receives a number of tax benefits and non-tax preferences.

Text: Ekaterina Elkanova, Photo: gov-murman.ru, hibiny.com

October 26, 2020

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