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The Ministry for the Development of the Russian Far East Prepares a Draft of a New State Programme for the Development of the Arctic for 2021–2024

The Ministry for the Development of the Far East and the Arctic has prepared a new version of the state programme "Social and Economic Development of the Arctic Zone of the Russian Federation" for 2021–2024.

25 2020

The main objectives of the document are to ensure competitive conditions in order to implement investment projects, create jobs and the attract labour resources to the Arctic territories; to ensure legal regulation of the socio-economic development of the Arctic zone of the Russian Federation, and create conditions for sustainable socio-economic development of indigenous peoples living in the Russian Arctic.

The infrastructure support mechanism involves the allocation of funds from the federal budget for the creation of external transport, energy or other infrastructure necessary for the implementation of an investment project. Compensation of insurance premiums will enable entrepreneurs to reduce deductions from 30% of an employee's salary to 7.5% at the public expense, and for small and medium-sized businesses—from 15% to 3.75%. The instrument of subsidies to cover interest payments on loans that were attracted for the implementation of projects in the Arctic zone will allow entrepreneurs to receive a subsidy of 6.75% per annum.

The second subprogramme includes measures to create conditions for sustainable socio-economic development of the Arctic, including those related to issues of indigenous peoples.

The cost of implementing the state programme for 2021–2024 will amount to RUB 22.673 bn. The draft budget for 2021 and the planning period of 2022–2023 provides for the necessary amount of financing for the state programme.

As a result of the implementation of the state programme, the volume of off-budget investments in the Arctic economy will amount to RUB 490.0 bn, and 28.5 thousand jobs will be created.

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