The visit by a delegation from the Ministry for the Development of the Russian Far East and Arctic follows earlier agreements between the ministry and the regional government that a second territory in the Arctic zone of the Russian Federation will be created in the territory of the Arkhangelsk Region, where a special legal regime for entrepreneurial activities will be established. The Arkhangelsk regional government's press service reported.

'We are determined to go out with the relevant draft decisions to the Government of the Russian Federation in the near future. For our part, we will certainly speed up the process, and we will ask your team to do the same. To do this, investors should already have a clear business model that will make it clear how revenues will be generated, what the markets will be and a financial model that takes into account the project cost, operating costs and revenues,' said Gadzhimagomed Huseynov.

He also added that a delegation from the Ministry for the Development of the Russian Far East and Arctic has already met with one of the potential residents of the future advanced special economic zone, who intends to implement a project to produce and transport liquefied natural gas. At the same time, the influx of investment into the region will allow the development of transport and logistics infrastructure and the extraction of minerals.

'Within just a few months of Minister Aleksey Chekunkov's visit in July and our agreement with him, we made progress towards a decision on the possibility of establishing an advanced special economic zone. We have had preliminary discussions with investors who are ready to enter this preferential zone, and as of today, we have already formed a pool of potential residents, and the initial amount of investment is RUB 61 bn,' said Alexander Tsybulsky.