A new system of preferences for investment projects implemented in the Arctic should be completed before the end of the year and come into force in the beginning of 2020, according to the press service of Deputy Prime Minister and Presidential Plenipotentiary Envoy to the Far Eastern Federal District Yury Trutnev.

A two-day strategic session involving regional management teams of the Russian Arctic took place at the Skolkovo Moscow School of Management, where the regional teams met the team of the Ministry for the Development of the Russian Far East and Russian Far East development institutions. Also, the finalization of proposals for a new system of preferences for investment projects in the Arctic and other Arctic development issues were discussed.

"A new system of preferences for investment projects in the Arctic should developed by the end of 2019 and implemented in 2020," the statement says.

"The Ministry for the Development of the Russian Far East and development institutions will accompany every investment project in the Arctic, even the smallest one. I will also personally meet with investors," Trutnev was cited as saying.