Ministry for the Development of the Russian Far East to start the selection of investment projects to be implemented in the Arctic region
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.