The Ministry for the Development of the Russian Far East issued an order ‘On the selection of investment projects to be implemented on the territory of the Arctic zone of the Russian Federation’ dated 10 April 2020. The ministry will be reviewing the projects over the period from 15 April to 1 June.
“Implementation of investment projects in the Arctic, as well as state support for these initiatives, will secure sustainable development of the region,” said Adviser to the President of the Russian Federation and Executive Secretary of the 'Arctic: Territory of Dialogue' International Arctic Forum Organizing Committee Anton Kobyakov.
On 18 March, the Government of the Russian Federation issued a decree ‘On the rules for selection of investment projects to be implemented on the territory of the Arctic zone of the Russian Federation’. Now companies will be able to receive a federal subsidy for ‘capital investment in infrastructure’. According to the document, the total amount of state support for a proposed project should not exceed 20% of declared private investment for its implementation. Investment project should create new jobs and demonstrate high budget effectiveness.
“Starting 15 April, we are launching the selection of investment projects to be implemented on the territory of the Arctic zone. Federal subsidies will help them create electric power facilities, railway infrastructure, outdoor gas line, major motorways. Due to the state support, the region will enjoy not only massive modernization of infrastructure, but also new jobs and, in a longer term, improvement of socioeconomic indicators in general. We are adapting the experience of the Far Eastern region, which is showing excellent results and high efficiency, to specific needs of the Arctic region, In June, we will present the list of investment projects that will receive a subsidy to be implemented in the Arctic,” said Minister for the Development of the Russian Far East Alexander Kozlov.
Attracting investment to the Arctic will be one of key topics of the International Arctic Forum business programme. The Forum will be held in 2021, and its agenda will also touch upon new technologies, development of human capital under Arctic conditions, economy of development, environmentally sound resource management, and sustainable development of the Arctic zone. The Forum is organized by the Roscongress Foundation. For more information, please visit the Forum’s official website.
The Roscongress Foundation – a socially oriented non-financial development institution and a major organiser of international conventions; exhibitions; and sporting, public, and cultural events.
The Foundation was established in 2007 with the aim of facilitating the development of Russia’s economic potential, promoting its national interests, and strengthening the country’s image. One of the roles of the Foundation is to comprehensively evaluate, analyse, and cover issues on the Russian and global economic agendas. It also offers administrative services, provides promotional support for business projects and attracting investment, and helps foster social entrepreneurship and charitable initiatives.
Each year, the Foundation’s events draw participants from 208 countries and territories, with more than 15,000 media representatives working on-site at Roscongress’ various venues. The Foundation benefits from analytical and professional expertise provided by 2,500 people working in Russia and abroad. In addition, it works in close cooperation with 122 economic partners; industrialists’ and entrepreneurs’ unions; and financial, trade, and business associations from 69 countries worldwide.
