Establishment of Priority Socio-Economic Development Area “Arctic Capital” is approved
The Government of the Russian Federation has signed a Decree dated 12 May 2020 (No 656) to approve establishment of Priority Socio-Economic Development Area “Arctic Capital”.
According to the statement available at the official website of RF Government, the PDA is to be established in the territory of Kola District, Murmansk City and Murmansk Region municipal entities.
Minimal capital investment for a PDA resident is RUB 500,000. Construction of utility and transport infrastructure of the Arctic Capital PDA will be financed by off-budget sources.
PDA will feature duty-free customs treatment foreseen by the laws of the Eurasian Economic Union and the Russian Federation.
The Arctic Capital PDA will include the following projects: NOVATEK-Murmansk (construction of center for production of large offshore facilities with the investments estimated at RUB 79 billion), Commercial Sea Port “Lavna” (coal terminal with the investments estimated at RUB 20.6 billion), Sea Terminal “Tuloma” (terminal for transshipment of mineral fertilizers and apatite concentrate with the investments estimated at RUB 12.3 billion), as well as a project of international business and cultural center.
The document is available in Russian >>>>