This year, the Arkhangelsk Region will receive over 60 billion rubles of investment, TASS reports, quoting the regional government.

According to Arkhangelsk Region Governor Igor Orlov, the regional economy will grow by implementing major investment projects, including construction of the Belkomur (Arkhangelsk-Syktyvkar-Kudymkar-Perm) Railway, the development of timber industry companies, the diamond mining industry and the engineering sector. The latter includes defense industry companies in Severodvinsk.

"This includes investment in the Arkhangelsk trawler fleet whose managers have ordered four new vessels and other Arctic projects. We're now in talks to increase the depth and width of a canal toward Arkhangelsk port. This project will cost an estimated 2 to 4 billion rubles. This will help us expand the tourist industry and receive large ocean liners," Mr Orlov added.

The implementation of these projects will increase budget revenues and will make it possible to create jobs, the governor said.