The number of entrepreneurs in the Arctic regions of Karelia has increased by 32 percent, to over 5,700, since the beginning of the year.

“At the beginning of the year 3,955 self-employed persons and small and medium-sized businesses were registered in the Arctic regions, while today there are already 5,777 of them (a 32 percent increase),” the regional government said.

According to Head of Karelia Artur Parfenchikov, this positive trend has been promoted by a special economic program in the Arctic zone. The republic is one of the top three regions in terms of the number of registered Arctic residents and investments.

“Investments have grown by 1.8 times in the Belomorsk District, and almost doubled in the Segezha District, and by 3.3 times in the Kem District. The contribution of the northern territories to the total volume of investments in the region is 43 percent, which is significant,” Minister of Economic Development and Industry of Karelia Oleg Yermolayev noted.

To date, the announced investments in the Karelian Arctic have reached almost 100 billion rubles. In total, 33 small businesses have the status of Russian Arctic zone residents today, and 41 more applications are pending. During the year, 216 new jobs have been created in the northern municipalities.

“In the Belomorsk District, a business to process block stone into crushed stone was launched. It was the Arctic benefits program that made it possible to restore this business, which, having received a license, had previously failed to start production. In the Louhi District, two residents in the Arctic zone are engaged in aquaculture – growing mussels. Five investment projects in tourism are being implemented in the Kem District,” added the press service of the regional government.

In the Russian Arctic zone, Karelia is represented by three areas – the Belomorsk, Kem and Louhi districts, and after the expansion of the zone in 2020, it included the Kalevala and Segezha districts and the city of Kostomuksha.