Arctic creates opportunities for business

Arctic creates opportunities for business

February 04, 2021

Businesses will be able to count on government subsidies to create infrastructure for industrial facilities.

#ARCTIC. #SIBERIA. THIS IS TAIMYR. The Cabinet of Ministers has identified a list of investment projects in the Arctic that can receive government support. More than 214 billion rubles will be allocated for these purposes, as reported by prime minister Mikhail Mishustin.

Companies can count on a non-refundable subsidy from the state in the amount of up to 20 percent of their investment. The funds can be spent on the creation of new infrastructure for industrial facilities. In addition, companies will need to submit a project worth at least 300 million rubles, create jobs by launching new production facilities or modernizing existing ones, and also cover subsidies in the form of tax revenues for up to ten years.

According to Mikhail Mishustin, six large projects will receive state support, which, in particular, are aimed at creating a mining and metallurgical plant, a sea terminal for transshipment of mineral fertilizers and a plant for raising salmon and trout in the Murmansk region.

“In addition, projects for the construction of a mining enterprise in the Novaya Zemlya archipelago and a coal deposit in Taimyr will receive government support. And also funds will be allocated for the modernization of the Vitino port and the Belomorskaya oil depot in the Murmansk region”, the prime minister said.

Text: Mikhail Tuaev, Photo: open sources

February 04, 2021

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