FEDC gets authorization to work in the Arctic zone
The Russian government has authorized the Far East Development Corporation (FEDC) to operate in the Arctic zone of the Russian Federation. The resolution will come into force on January 1, 2021.
The government resolved “to designate the Far East Development Corporation as the management company responsible for overseeing the Arctic zone of the Russian Federation, the priority socioeconomic development areas in the regions comprising the Far Eastern Federal district and the Arctic zone of the Russian Federation, and the Free Port of Vladivostok,” according to the resolution.
The main function of the FEDC is to review applications from potential investors for resident status in priority development areas (PDA) and the Free Port of Vladivostok, to build infrastructure at PDAs, and to provide land plots for the implementation of PDA resident projects. In addition, the FEDC provides support to residents during the implementation of these projects.