New Arctic business residents to invest $21 million in Arkhangelsk Region

Business & Economy October 22, 11:11

The Russian Federation's Arctic Zone presently has 237 business residents, where investments will make 140.5 billion rubles ($1.5 billion), and 7,456 jobs will be created

ARKHANGELSK, October 22. /TASS/. Six new business residents of the Russian Federation's Arctic Zone will invest more than 2 billion rubles ($21 million) in the Arkhangelsk Region's economy, Governor Alexander Tsybulsky wrote on Telegram.

"Six new companies from Arkhangelsk and Severodvinsk have joined the list of business residents," he wrote. "They have signed agreements with the Far East and Arctic Development Corporation. Investments in the region under all projects will amount to more than 2 billion rubles, and 68 jobs will be created."

The region's Development Agency told TASS the business residents planned to make the Family Leisure Park modern tourist complex, to organize Ecobak29 points to collect and recycle 500 tons of materials a year, to create a company to sell pellet-heated boilers and modular boiler units. Another three companies are building residential houses in Arkhangelsk.

The Russian Federation's Arctic Zone presently has 237 business residents, where investments will make 140.5 billion rubles ($1.5 billion), and 7,456 jobs will be created.

The region offers to business residents a set of incentives, including income tax benefits.

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