Investment Portal of the Arctic Zone of the Russian Federation

More than 700 projects in the Arctic are being implemented with state support

At the same time, 630 projects are being implemented using the benefits of the Arctic zone of the Russian Federation.

19 July 2023

More than 700 projects are being implemented using various state support measures in the Russian Arctic. Aleksey Chekunkov, Minister of the Russian Federation for the Development of the Far East and the Arctic, told TASS.

'At the same time, 630 projects are being implemented using the benefits of the Arctic zone of the Russian Federation. Nearly a third of these are projects in the service sector. About 20% are in construction and development. Another 20% are aimed at developing tourist services and infrastructure. Overall, these three sectors make up nearly 65% of all Arctic projects,' he stated.

As the Far East Development Corporation (FEDC) specified, if we are talking about the leading industries, we mean various types of business, including catering enterprises. These include coffee shops, roadside services and restaurants. Projects in the retail sector such as grocery stores, sports facilities and educational institutions also fall under the service sector.

In the development sector, new shopping and business centres, apartment buildings and residential districts are being built (about 30 housing construction projects are being implemented now), as well as industrial facilities are being reconstructed. The most capital-intensive industries, according to FEDC, are oil and gas (21.5%) and mining (17.6%). In terms of the number of jobs created, the construction industry is the leader—these are development projects and subcontracted construction companies at the enterprises of large AZRF residents.


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