The region ranks first by the number of the already launched investment projects and second by the total number of companies resident in the Arctic Zone, the Arkhangelsk Region Government press service reports.

To date, the resident status is granted to 293 entities. Their business portfolio boasts 347 projects in most diverse areas ranging from high-technology medicine and logistics to added-value wood processing and Arctic tourism.

“Each new project implemented in our region means not only modern production facilities and in-demand products, but also new jobs and stable tax proceeds to the region’s budget, said Arkhangelsk Region Governor Alexander Tsybulsky.

The aggregate amount of the declared investments exceeds 272.2 billion rubles, which will make it possible to create over 11,200 new jobs.

Any investor who has contributed at least 1 million rubles of proprietary funds in the project implementation can obtain the Russian Arctic Zone resident status. Residents qualify for preferential income and property tax rates, reduced rates when applying the simplified taxation system, and the right to receive land plots without bidding.