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Nine businesses plan to invest $30 million in Arctic Region’s economy

The investors plan to build residential houses in Severodvinsk, to upgrade the heat energy systems, to develop marine freight infrastructures, to expand an existing farm and to organize the production of fire-rated doors and gates

ARKHANGELSK, November 2. /TASS/. Nine new residents of the Russian Federation’s Arctic Zone will invest almost 2 billion rubles ($30 million) in the Arkhangelsk Region’s economy, the Agency for Regional Development’s press service told TASS on Monday.

"Nine new agreements have been signed with the Corporation for Development of the Far East and Arctic," the press service said. "Under the new projects, the businesses plan to invest almost 2 billion rubles and to offer more than 70 jobs."

The investors plan to build residential houses in Severodvinsk, to upgrade the heat energy systems, to develop marine freight infrastructures, to expand an existing farm and to organize the production of fire-rated doors and gates.

Incentives for business residents

The total amount of investments, which the economic zone’s 79 active residents plan in the Arkhangelsk Region, is 29.8 billion rubles ($416 million). The businesses promise more than 2,000 jobs.

The residents in the Arkhangelsk Region enjoy the revenue tax’s benefits: for the first five years they pay 5%, for the following five years - 10%. They pay lower property taxes: for the first five years - 0.1%, for the following five years - 1. 1%.

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