State support has helped to launch 170 investment projects in the Arctic, with a total investment of RUB 110 bn. This was reported by TASS, citing Yuri Trutnev, Deputy Prime Minister and Presidential Envoy to the Far Eastern Federal District.

'170 investment projects are being implemented in the Arctic using state support measures. The total amount of investment under the agreements is more than RUB 110 bn. RUB 12 bn has already been invested by investors,' he said.

Trutnev noted that investments already made 'amount to trillions.' More than 5,600 new jobs will be created once the projects are commissioned.

Residents of the Arctic zone of the Russian Federation are provided with tax incentives, reimbursement of part of the cost of paying insurance contributions to state non-budgetary funds up to a final rate of 7.6%, subsidies to reimburse interest rates on loans, a tax deduction for mineral extraction tax and others.