4 August 2022

Investment potential of the Arctic zone of the Krasnoyarsk Region demonstrated to the Ministry of Foreign Affairs of India

Another round of inter-ministerial sessions on Arctic issues was held in Moscow between Nikolai Korchunov, Chairman of the Committee of Senior Officials of the Arctic Council and Ambassador-at-Large, and Sanjay Verma, Deputy Foreign Minister of India. Representatives of the Ministry of Regional Development of Russia, Rosatom State Corporation, Yenisey Siberia Development Corporation, Arctic and Antarctic Research Institute, as well as the Association of Indigenous Peoples of the North, Siberia and the Far East participated in the sessions.

Participants discussed ways for enhancing Russian-Indian cooperation in high latitudes during bilateral and multilateral meetings. Besides, they held discussions at the Arctic Council. Both sides saw great potential in the development of cooperation in the fields of economy, transport, science and culture, including building contacts between different regions and public organizations.

Sergey Ladyzhenko, General Director of the Yenisey Siberia Development Corporation, told about the investment potential of the Arctic zone of the Krasnoyarsk Region during the meeting. 

“The Arctic zone is the largest economic zone with a single set of tax and administrative preferences for investment activity,– Sergey Ladyzhenko outlined – Currently, 14 residents are implementing their projects in the Arctic zone of the Krasnoyarsk Region, while the total investment volume makes more than 36 billion rubles. Yenisey Siberia CIP includes large investment projects in the field of mining and processing of minerals in the Arctic zone of the Krasnoyarsk Region.”

We should say that several projects are currently being implemented on the territory of the Krasnoyarsk Arctic, such as development of the Syradasaysky coal deposit by Severnaya Zvezda company, South Cluster of Norilsk Nickel company, as well as Vostok Oil project of Rosneft company – the largest hydrocarbon extraction project in the modern oil and gas industry worldwide.

Representatives of the Indian delegation got interested in implementing Arctic investment projects with a focus on the delivery of goods via the Northern Sea Route. It was proposed to organise a road show for Indian business in order to develop further cooperation.