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Arctic advanced-development territories to be organized due to demand — envoy to Far East

It is reported that the Arctic is a special economic zone, where 778 companies have become its business residents with contracted investments of 753.4 billion rubles ($8.5 billion)

VLADIVOSTOK, September 4. /TASS/. New territories of advanced development in the Russian Federation's Arctic Zone will be created if businesses need them. Currently, investors may use two territories of the kind - in the Arkhangelsk and in the Murmansk Regions, Deputy Prime Minister, the President's Envoy to the Far Eastern Federal District Yury Trutnev said in an interview with TASS.

"Right now, there are two such territories [of advanced development] - they are Capital of the Arctic in the Murmansk Region and Capital of the North in Arkhangelsk. Noteworthy, the latter has appeared just recently. If there is a need to have more, we will create them. They appear where investors need them. We rely on what businesses need," he said.

The Arctic is a special economic zone, where 778 companies have become its business residents with contracted investments of 753.4 billion rubles ($8.5 billion), he continued. "121.4 billion rubles have been invested. Here we do not include Yakutia and Chukotka, which also belong to the Far East," the official added.

In early August, Prime Minister Mikhail Mishustin signed a decree on the Capital of the North advanced-development territory in Arkhangelsk to stimulate housing construction and to build up the city's investment attractiveness.

Earlier, Minister for Development of the Far East and the Arctic Alexey Chekunkov said projects implemented in Capital of the Arctic in the Murmansk Region had attracted 268 billion rubles ($3 billion). 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.

The Eastern Economic Forum (EEF) is underway on the campus of the Far Eastern Federal University in Vladivostok on September 3-6, 2024. The main theme of the EEF in 2024 is "Far East 2030. Combining strengths to create new potential."

The EEF is one of the largest international conferences in Russia. It has been held in the Primorsky Region’s Russky Island in Vladivostok since 2015. The Forum is the initiative of Russian President Vladimir Putin, who decreed that the event be held annually.

The forum's objectives and goals include promoting the accelerated growth of Russia’s Far East region; assessing its potential for exports; expanding international cooperation in the Asia-Pacific Region; showcasing the investment appeal of the region, its steadily progressing territories, and the Vladivostok free port.

The Roscongress Foundation has served as the Forum’s organizer since 2016.

TASS is the general information partner of the EEF.

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