Arkhangelsk Region to set up its own priority development zone
© RIA Novosti. Ramil Sitdikov

Arkhangelsk Region to set up its own priority development zone

First Deputy Minister for the Development of the Russian Far East and Arctic, Gadzhimagomed Guseinov, emphasized the need to create a priority development zone in Arkhangelsk during his visit there. A similar zone is already operating successfully in Murmansk.

“Today, it is important to select a pool of anchor residents for setting up this priority development zone. We will take our case to the federal executive agencies, and the Government will decide to create a second Arctic priority development zone, this time in the Arkhangelsk Region,” Gadzhimagomed Guseinov noted during his visit.

Priority development zones include tax incentives and minimal administrative processes, and they provide additional investment opportunity. All this will promote the region’s economic development.

“A priority development zone offers special advantages. The most important is that an investor can obtain infrastructure support for its projects. This means new projects and jobs for the Arkhangelsk regional economy,” said Viktor Ikonnikov, Deputy Prime Minister of the Arkhangelsk Region and Minister of Economic Development, Industry and Science.

The Arkhangelsk Region already includes 148 companies whose workers have mastered new production cycles and which have the status of Arctic zone residents.

“This shows that this approach is in demand. We have evaluated and selected investors who are prepared to operate anchor facilities in these priority development zones. First, we will focus on the creation of production facilities. Our official investment volumes are now approaching 61 billion rubles. Given the current realities in the North, this investment is quite substantial,” Arkhangelsk Region Governor Alexander Tsibulsky said.

The meeting participants also discussed available regional investment options and current tax incentives.