The authorities hope the Arctic to support industrial development Foundation

The authorities hope the Arctic to support industrial development Foundation


The Foundation has supported 56 projects for a total amount of 19 billion rubles. So far only one project of the Murmansk region approved by the Fund – in the field of aquaculture.

MURMANSK, 18 Nov. The government of the Murmansk region and the industrial development Foundation on Wednesday signed an agreement on cooperation, which could be an incentive for the development of many industries, where an important role is played by the substitution, told journalists the first Deputy Governor of the region Alexey Tukavin.

The industrial development Foundation was established in the spring of this year for financial support for major investment projects in the field of import substitution. The Foundation has supported 56 projects for a total amount of 19 billion rubles. So far only one project of the Murmansk region approved by the Fund — in the field of aquaculture. However, the authorities of the polar region hope that there will be other projects that will receive funding from the Fund.

According to Tiukavina, the sanctions and counter-measures is heavily affected by the Murmansk region.

“All projects related to the Arctic shelf, in fact, have been suspended due to the fact that not enough of its own technologies, its own machinery, lacks the ability to produce materials”, — told reporters Tukavin.

He noted that in the Murmansk region is already running many businesses related to the exploitation of the Arctic, however, there are certain obstacles for their further development. “For example, our marine geologists who really suffer from the fact that all the equipment and instruments that were used are imported and they are forced to find a replacement,” said the official.

The authorities of Murmansk region bet on the shipbuilding for the Arctic shelf and the fishing industry. In addition, the government hopes that the opportunity to develop get mining chemical cluster. “In terms of developing new materials and titanium, and rare earth may be in demand. I hope that the industry development Fund and the Ministry of industry and trade, we will have support here,” said the Deputy Governor.