First five investors obtain Russian Arctic resident status
© RIA Novosti. Valery Melnikov

First five investors obtain Russian Arctic resident status

Members of a commission at the Russian Ministry for the Development of the Far East and the Arctic reviewed and approved the applications of the first five investors, due to be listed among Russian Arctic residents.

"These five projects stipulate investments to the tune of 15.8 billion rubles, and it's expected that 552 jobs will be created. The Arkhangelsk Region and the Murmansk Region have submitted two applications each, and the Yamal-Nenets Autonomous Area has filed one application," Deputy Minister Alexander Krutikov said at the commission's online meeting.

He added that it was necessary to invite commission members representing the Ministry, development institutions and Arctic regions, as well as investors, for the meetings. This will make it possible to examine any specific application and to find out what assistance is needed to implement the project. Consequently, top managers from investor companies attended the event together with the ministry's employees, representatives of the Corporation for the Development of the Far East and the authorities of the Yamal-Nenets Autonomous Area, the Arkhangelsk and Murmansk regions.

The participants reviewed applications by two Arkhangelsk-based companies. One of them, Termistoff, is planning to manufacture thermally modified timber. In turn, Pomor Shipping is set to provide merchant marine services and to overhaul a warehouse for packing dissembled consignments. Nord Star investors plan to reequip the Vitino seaport and petroleum storage facilities, as well as the Liinahamari Port, and to implement a tourist project with the same name, represented in the Murmansk Region. Those taking part in the event also reviewed an application by a self-employed business person from the Yamal-Nenets Autonomous Area who wants to finance a laundry service in Salekhard.

Commission members unanimously supported the implementation of all five investment projects under the Russian Arctic's new economic regime. Their initiators will be listed among Arctic zone residents over a ten-day period and will therefore be eligible for all concessions, privileges and preferences.

"You are the first five Arctic zone residents. This is a crucial decision in the context of Arctic development. The first investment projects really aim for economic development and diversification. As you can see, there are no mining projects here. All of them either deal with logistics or the service sector's small businesses. To my mind, this is very positive. So, congratulations, everyone," Alexander Krutikov said.