Arctic zone’s residents plan investments at $3.7 billion

According to the Vice President of the Corporation for Development of the Far East and Arctic, 88% of the residents are small and medium businesses.

YAKUTSK, September 29. /TASS/. The amount of announced investments by residents of the Russian Arctic Zone is 277 billion rubles ($3.7 billion), Vice President of the Corporation for Development of the Far East and Arctic Vitaly Simonenko told the 3rd Northern Sustainable Development Forum.

“The laws, regulating doing business in the Arctic, have been adjusted, and thus the Russian Arctic is now the world’s biggest economic zone of 5 million square kilometers with a competitive set of incentives,” he said. “As of today, 216 companies have become residents of the Russian Arctic Zone, with announced investments of 277 billion rubles.”

According to him, 88% of the residents are small and medium businesses. “The total amount of the public, private financing in the Arctic infrastructure projects and in the Far East makes 6.3 trillion rubles ($86 billion),” he said. “About 2 trillion rubles ($27 billion) <…> have been invested, more than 400 facilities have been commissioned. The businesses will offer about 200,000 jobs, half of which are available already.”

About forum

The 3rd Northern Sustainable Development Forum is underway in Yakutsk. The organizers are the Northern Forum, Yakutia’s government and the North-Eastern Federal University. The first Northern Sustainable Development Forum was organized in Yakutsk in 2019. TASS is the event’s general information partner.

This article was originally posted on the website of TASS, Russian news agency.