Consul General of the Republic of India in Vladivostok Sai Murali has visited the investment sites of the Advanced Special Economic Zone Yakutia. The event is part of the business program of the official visit, organized with the support of the Ministry for Foreign Relations and Peoples Affairs of the Republic of Sakha (Yakutia) and timed to coincide with the 100th anniversary of the formation of the Yakut ASSR and the 390th anniversary of Yakutia joining the Russian state.
“The ministry supports the development of trade and economic relations with foreign countries and is constantly working to attract foreign investors to Yakutia. The meeting was organized to familiarize the delegation of the Consulate General of the Republic of India with the ASEZ Yakutia, which has the infrastructure necessary to attract potential Indian investors,” said Minister for External Relations and Peoples Affairs of the Republic of Sakha (Yakutia).
The study visit began with a tour of the Seybiem jewelry and cutting cluster, where the foreign guests became acquainted with infrastructure and assessed the conditions created to implement projects regarding the production of jewelry, the processing of precious and semi-precious stones, as well as the provision of related services.
The participants exchanged views on the prospects for further cooperation and the establishment of new partnerships between representatives of the business communities of Russia and India during the meeting with the cluster residents. Director Dmitry Borisov of Kangalassy Industrial Park LLC (a subsidiary of the Russian Far East and Arctic Development Corporation) spoke about the benefits and state support measures enjoyed by residents of the ASEZ Yakutia, and also noted the readiness of the site to implement projects by investors from India.
“In addition to tax breaks, non-tax benefits, and administrative preferences, engineering and transport infrastructure has been created at the ASEZ Yakutia sites, allowing potential investors to reduce costs and speed up the implementation of projects. The attention of foreign investors may be attracted by the application of the free customs zone and the absence of quotas for attracting foreign labor,” Dmitry Borisov stated.
The delegation visited universal production buildings erected at the beginning of 2022 to accommodate the projects of the ASEZ Yakutia residents, which are in the early stages of development. Here they can rent fully equipped premises ranging from 36 to 167 square meters for up to 5 years on preferential terms for clean or industrial production. In the future, residents will be given the opportunity to erect their own buildings on the premises of the preferential territory.
Summarizing the results of the visit, Mr. Sai Murali noted that the Ministry for the Development of the Russian Far East and Arctic, the FEDC, with the support of the office of the Presidential Plenipotentiary Envoy to the Far Eastern Federal District and the republican authorities, have created comfortable conditions for doing business in the ASEZ Yakutia. “Tax incentives, administrative support, and infrastructure - all this allows you to deploy activities in the shortest possible time. Entrepreneurs are given excellent opportunities for formation and development. This is a worthy world level,” the diplomat noted.
According to the Russian Far East and Arctic Development Corporation, to date, the ASEZ Yakutia resident status has been assigned to projects from 32 enterprises. Total investment under the agreements is 12.97 billion rubles, and 1,800 jobs are planned to be created. Twelve investor projects have already been implemented, some 4 billion rubles invested in the economy, and more than 500 jobs created.