The Supervisory Board approved the long-term development plan of the Chukotka advanced economic development territory. The news was reported by the Chukotka Autonomous District Government media office.

'When creating the advanced economic development territory, the following key basic parameters were defined: the number of residents and jobs, planned investment values, and limits for funds allocated from the federal budget for infrastructure development. Today, the actual indicators are significantly exceeding the predefined ones. 25 residents have already successfully implemented their projects, and 1,000 new jobs have been created. This means we are on the right course. Chukotka attracts new investors, offering an opportunity to everyone eager to develop our unique region,' Roman Kopin noted.

According to the director of UK TOR Chukotka LLC Sergey Kolyadko, 61 residents have been registered at the Chukotka advanced economic development territory to date, with projects worth over RUB 606 billion, designed to create about 6,000 jobs. The investments made exceed RUB 65 billion. Plans exist to attract at least four new investors this year.

The representative of the developer, Deputy General Director of Financial and Organizational Consulting LLC Sergey Gvardin, spoke about the completion of the research work on updating the Chukotka advanced economic development territory long-term development plan.

'The work, started in 2020, was carried out in three stages. A roadmap was formed, the advanced economic development territory's industry specialisation, targets and long-term goals, and criteria for residents were set, and their needs were determined. First of all, we considered the region's peculiarities such as a harsh climate, isolation from the mainland Russia, a very short navigation period, and complex logistics. These factors define the timing and effectiveness of any project implementation. We accounted for three preferential regimes active in the Area – the advanced economic development territory, the Vladivostok free port in Pevek, and the Arctic Zone of the Russian Federation. Importantly, we drew up the long-term development plan relying on the cluster approach. At the core of the advanced economic development territory is the idea of forming a major mining cluster where mining projects are integrated with services. These directions will bring the desired results, and our long-term goals will be achieved,' Sergey Gvardin stressed.

The Supervisory Board members approved the Chukotka advanced economic development territory long-term development plan, commissioned by the Far East and Arctic Development Corporation and drawn up by the Financial and Organizational Consulting company.

'This document will be a positive factor in the region's socio-economic development. The advanced economic development territory status should give an impetus to local economy and help tap into Chukotka's immense potential. The long-term development plan accounts for many indicators, including the citizens' income, the employment numbers, the volume of goods and services produced, and much more. Priority sectors and action plans have been outlined. This will put focus on projects of advanced economic development territory residents. Their implementation will help increase the gross physical regional product, industrial production, and raw exports, generate new quality jobs with decent pay, and improve the quality of life of Northerners,' stated Mariya Perova, Managing Director for the Development of Preferential Regimes and Interaction with the Regions at the Far East and Arctic Development Corporation.