Putin invites foreign investors to help build Northern Sea Route hubs

Putin directed the Russian government to create tax relief plans to attract investment in port infrastructure in Murmansk and Kamchatka.

By Reuters April 9, 2019
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Russian President Vladimir Putin delivers a speech during a session of the International Arctic Forum in Saint Petersburg, Russia April 9, 2019. (Anton Vaganov / Reuters)

ST PETERSBURG, Russia — Russian President Vladimir Putin on Tuesday invited foreign investors to take part in the construction of port infrastructure in Murmansk and Petropavlovsk-Kamchatsky that would serve the Northern Sea Route.

Speaking at an Arctic forum in the Russian city of St. Petersburg, Putin also asked the government to draw up plans for tax relief that would promote the development of the Arctic region.

“We invite our foreign partners to joint work to create port hubs at the end points of the (Northern Sea) route,” Putin said.

Reporting by Vladimir Soldatkin and Gleb Stolyarov.