New business residents plan to invest almost $328 million in Arkhangelsk Region

By Alexander Norfolk - January 25, 2022

ARKHANGELSK, January 18. /TASS/. New residents of the Russian Federation’s Arctic Zone will invest in the Arkhangelsk Region’s economy 24.5 billion rubles ($328 million) under six new projects, the Regional Development Agency’s press service told TASS on Monday.

“The new residents plan to invest in the Arkhangelsk Region’s economy more than 24.5 billion rubles and to organize more than 2,000 jobs,” the press service said. “Four companies are new residents, and another two will work on their second projects.”

Two investors plan to do business in the Pinega District. One of them, Krasnaya Gorka, will make a new ski resort and a tourist complex in the Krasnaya Gorka town – the Arkhangelsk Region’s one of the highest points. The Pinega Wood Processing Complex will organize a deep processing facility, which will use waste-free resource-saving technologies.

The Woodcomponent Company will produce wood components, wooden toys, edge glued panels, and pressed briquettes from wood waste. Instroy has a project to build an apartment house of 1,650 square meters.

A current resident, Severny Project, which has been working successfully in sea transportation, launches a new investment project in shipbuilding and repairing. The Transit Cargo Company, a resident from the Krasnoyarsk Region, plans an investment project in Arkhangelsk to build a temporary storage warehouse.

The Arkhangelsk Region reports 97 Arctic zone residents, which plan to invest into the regional economy 62.8 billion rubles ($800 million) and to offer 4,527 jobs.

Incentives for residents

The residents in the Arkhangelsk Region enjoy the revenue tax’s benefits: for the first five years they pay 5%, for the following five years – 10%. They pay lower property taxes: for the first five years – 0.1%, for the following five years – 1. 1%.