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Murmansk Region reports foreign trade growth by 50% in 2022

According to agreements with Belarus, the Murmansk Region will host a BelAZ (truck and construction equipment producer) service center, and will build a terminal to handle mineral fertilizers

MURMANSK, April 26. /TASS/. The Murmansk Region's foreign trade in 2022 grew by more than 50% year-on-year, where the export growth was by more than 60%, Governor Andrey Chibis reported to the regional parliament.

"The foreign trade amount of the region's all businesses grew by 55%, and exports - by 60%," he said. "We have been expanding the cooperation geography - India, the UAE, China, and a special direction is the communication with the former USSR republics - with Armenia, or close work with our Union State - with Belarus."

According to agreements with Belarus, the Murmansk Region will host a BelAZ (truck and construction equipment producer) service center, and will build a terminal to handle mineral fertilizers, the governor continued. In May, Belarus will advise the location for construction of new port facilities.

The Murmansk Region has been exporting goods to 34 countries. In 2022, the region began cooperation with Brazil, India and the United Arab Emirates (the UAE), and had business missions with representatives of the Donetsk People's Republic, Belarus, the UAE, Turkey and Armenia.

Business residents' investments

According to the governor, in 2022 business residents of the Capital of Arctic advance-development territory and business residents of the Russian Federation's Arctic Zone invested in projects in the region 170 billion rubles ($2 billion) and created 5,300 jobs. The total investments in projects implemented by the business residents will amount to 317.9 billion rubles ($3.8 billion), and about 11,800 jobs will be offered to the local population, the governor reported.

In November, 2022, Governor Andrey Chibis said since 2020 the Capital of Arctic business residents had invested additionally in projects 36 billion rubles ($441 million) against what they had planned before the anti-Russia sanctions and recent geo-political changes.

The Capital of Arctic advance-development territory features nine residents with announced investments of 162 billion rubles ($1.9 billion). The residents enjoy the following incentives: insurance premiums for newly created jobs - 7.6% for 10 years, income tax - 5% instead of 20% for the first five years, and 12% for the following five years, the exemption from property tax for the first five years and from land tax for three years.

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