Russia’s Far East Ministry to Develop New State Arctic Program

The Ministry for Development of the Russian Far East and Arctic started developing a new state program for the socio-economic development of the Arctic, which is scheduled to be finished before the end of June, the ministry announced on Wednesday, TASS reported.

The ministry’s press service told TASS that the state program will be built on the basis of the Arctic development strategy until 2035, which has already been submitted to the government. The strategy determines the main areas and goals of the development of the region, while the state program includes specific steps and stages of its implementation.

The new document will include mechanisms to attract investment and create jobs in the Arctic – they are not included in the current state program. In particular, it is planned to subsidize insurance premiums and rates on investment loans, support infrastructure investment projects, and other activities.

In addition, one of the subprograms will be devoted to the development of settlements that are needed to ensure national security and be the base for the development of mineral resource centers, implementation of economic or infrastructure projects in the Arctic.

Now work is underway on new mechanisms for the development of the Russian Arctic zone. The foundations of Russia’s state policy in the region until 2035 have already been approved, the government is considering its development strategy for the same period. The State Duma is also considering a package of draft laws on incentives for investors planning to implement new projects in the Arctic with a number of tax and non-tax preferences.

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