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Capital of Arctic development territory residents invest $745 million within first year

The Capital of Arctic Advanced Development Territory was established in May 2020

MURMANSK, May 17. /TASS/. Total investments by the Capital of Arctic Advance Development Territory’s residents reached 55 billion rubles ($745 million) within its first year, the Murmansk Region’s government said referring to Russia’s Minister for Development of the Arctic and Far East Alexei Chekunkov.

"The investments under signed agreements - almost 55 billion rubles ($745 million) already - are a big step forward," he said during a meeting devoted to the advance-development territory’s first year. The ministry will continue to support every resident, he added.

"In addition to new 367 jobs we have received 2 billion rubles ( $27 million) in taxes, which is a big effect for the region from the projects, which implementation continues or where construction is underway," the Murmansk Region’s Governor Andrei Chibis said.

Capital of Arctic Advanced Development Territory

The Capital of Arctic Advanced Development Territory was established in May 2020. The residents enjoy the following incentives: social insurance payments for new jobs - 7.6% for ten years, income tax - 5% instead of 20% for first five years and 12% for another five years, 0% property tax for five years and 0% land tax for three years.

Presently, the advance development territory has eight residents with announced investments of 166.6 billion rubles ($2.3 billion).

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