PETROZAVODSK, December 23. /TASS/. The Pomor Company, a business resident of the Russian Federation's Arctic Zone, will invest 27 million rubles ($264,000) in construction of a glamping in Karelia's Loukhsky District under an agreement with the Far East and Arctic Development Corporation, said the Ministry for Development of the Far East and Arctic.

"The Pomor Company, a business resident of the Russian Federation's Arctic Zone, will build the Keret glamping near the Chupa settlement," the ministry said. "Under an agreement with the Far East and Arctic Development Corporation, the company will invest 27 million rubles, and the project will be implemented by 2030."

The glamping will be on the White Sea shore - 12 guest houses to accommodate four to twelve people, a tent town for up to 100 guests, and parking lots. The company expects up to 1,000 tourists will spend holidays there every year.

"The location is notable for two promising areas: the heritage of the Pomors, which potentially allows developing ethnic tourism, and yachting, famous among fans and professionals in this part of the White Sea, which will attract sports tourists," the ministry's press service quoted the Pomor Company's Director Tatyana Solovyova as saying.

Arctic business residents in Karelia are not subject to property tax for the first five years. The land tax rate for the first three years starts from 0%, depending on the municipality. The income tax is 0% for the first 5 years and 5% for the next five years. For the first 10 years, 75% of business insurance premiums are subsidized.

The Far East and Arctic Development Corporation has agreements with 884 Arctic business residents, where investments in 226 projects in various sectors are planned at 996.52 billion rubles ($9.8 million). New companies are to create 28,620 jobs.