Arctic Investment Portal Registers 20 Companies With $2 Million Investments in Karelia

Twenty businesses, planning to invest in Karelia’s Arctic zone more than 150 million rubles ($2 million), registered on the Arctic investment portal, the regional Ministry of Economic Development told TASS, adding the project would offer 270 jobs.

“From August 28, businesses may apply for the status of the Arctic zone’s resident,” the ministry said. “As yet, 20 businesses have registered on the Arctic investment portal. Their total investments are more than 150 million rubles. They will offer 270 new jobs. Many potential residents of the Arctic zone are still busy with formalities to file applications.”

Karelia’s first business, working in transport and logistics, has applied for the Arctic residency. Other projects, registered on the investment portal, are in tourism, industries, wood processing, mining, fishing and hospitality.

On July 13, President Vladimir Putin signed laws, drafted by the Ministry for Development of the Far East and the Arctic, which offer incentives for investors, planning new projects in the Russian Arctic zone. The laws came into force on August 28, when the ministry began receiving applications for the residential status.

According to the Ministry, the Russian Arctic becomes the biggest economic zone in Russia and in the world – it takes almost 5 million square kilometers. The Arctic residents will enjoy tax benefits and easier administrative procedures.