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Capital of Arctic projects attract more than $2.8 million in investments — minister

The projects organize more than 4,600 jobs, Alexey Chekunkov said adding the Arctic Zone's business residents had been implementing 268 projects

MURMANSK, August 29. /TASS/. Projects, implemented in the Capital of Arctic advanced-development territory in the Murmansk Region, attracted investments of 268 billion rubles ($2.8 million), Minister for Development of the Far East and the Arctic Alexey Chekunkov said.

"Investments of 268 billion rubles have been attracted to eight projects in the Capital of Arctic advanced-development territory," he said.

The projects organize more than 4,600 jobs, he said adding the Arctic Zone's business residents had been implementing 268 projects. They have attracted 237 billion rubles ($2.6 billion) and will create 8,200 jobs. "The Murmansk Region leads in the number of the Arctic Zone's business residents, where 37 new enterprises have been commissioned," the minister added.

The Murmansk Region offers to the Capital of Arctic business residents 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, exemption from the property tax for the first five years and from the land tax for three years.

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