TPSED Kondopoga (Russia) looking forward to residents activity

The project for the manufacture of continuous basalt fiber was shortlisted for resident status of the newly established Territory of Priority Socio-Economic Development (TPSED) Kondopoga in the Republic of Karelia.

The act on the establishment of TPSED Kondopoga was signed by the Government of Russian Federation on December 22nd, 2017. So, Karelia authority intends to provide conditions for the most of investors applying for the resident status to initiate projects by the middle of 2018.

According to Dmitry Rodionov, Karelia Minister of Economic Development and Industry, eight residents are currently ready to launch investment projects. The list of ready-made projects includes a highly profitable continuous basalt fiber manufacturing facility.

TPSED residents are provided with certain tax benefits: zero rate of taxes on property and land, 5% income tax rate, 7.6% instead of 30% payments to non-budgetary state funds. And since February 2018, investors from Kondopoga have received the right to take up preferential loans (6.5% rate) from the Karelia microcredit fund.

Preferential taxation will be extended to certain industrial activities, including the manufacture of non-metallic mineral products.

Engineering of continuous basalt fiber and road geotextile grids manufacturing facilities are included in the key scheduled investment projects specified on the investment portal of the Republic of Karelia. The founder of Anteko Trading House presented the project in the summer of 2017 during a meeting of the working group on assistance in attracting investments to the economy of Karelia.



Countries: Russia

Industries: Finance & Investment

Terms: Investment

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