Arctic investment portal registered twenty companies that plan to invest more than 150 million rubles (USD2 million) in Karelia’s Arctic zone, according to the regional Ministry of Economic Development. 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, Vladimir Putin signed laws which offer incentives for investors, planning new projects in the Russian Arctic zone. Starting with August 28, the Ministry for Development of the Far East and the Arctic began receiving applications for the residential status. According to the Ministry, the Russian Arctic which takes almost 5 million square kilometers becomes the biggest economic zone in Russia and in the world.
