ARKHANGELSK, August 9. /TASS/. A reinforced concrete plant will be built in the Arkhangelsk Region's advanced-development territory which is being created now, the region's press service said.

The Arkhangelsk Region's government, the Corporation for the Development of the Far East and the Arctic and the MT Arkhangelsk Company signed a three-party agreement on sidelines of the 2nd Arctic - Regions forum in Arkhangelsk.

"We are making a plant to produce reinforced concrete products that will be used in construction of seaport hydraulic structures along the Northern Sea Route and not only there," the press service quoted MT Arkhangelsk's CEO Mikhail Chernyaev as saying. "If there is a demand, then there will be an offer. The plant's annual capacity will be about 32,000 cubic meters of products. The land of the advanced-development territory, the tax and administrative incentives will accelerate the launch of this large-scale project."

The project is aimed at stimulating the reinforced concrete market both in the Arkhangelsk Region and in the entire Northwestern Federal District, the region's Deputy Governor Alexey Alsufyev said.

The corporation's representative added the project would be among the first business residents of the new Capital of the North advanced-development territory. "The Corporation will assist the investor in obtaining the resident's status, in using all available preferences and in obtaining a land plot for the project," the press service quoted him as saying. "The regional economy will have a new production facility, which will favor development of infrastructures and will create new jobs."

MT Arkhangelsk will invest about 2.5 billion rubles ($29 million) in the new enterprise, and will offer more than 140 jobs.

About the forum

The Arctic - Regions forum runs in Arkhangelsk on August 8-9. The event is organized by the Arkhangelsk Region's government, and co-organized by the NEVA International Company. The forum's titular partner is the Rosatom State Corporation. TASS is the event's information partner.