23 November 2023

Investment potential of Tuva was presented at the exhibition-forum “Russia”

At the International Exhibition-Forum “Russia”, which takes place in Moscow, within the framework of the Republic of Tyva Day, a strategic session “Investments in the future. Promising directions of Tuva’s development”.

The strategic session was attended by representatives of government authorities and development institutions. During the event, experts paid special attention to the formation of the Central Eurasian Railway Corridor. Currently, this project is one of the key ones, the Government of Tuva is working on its implementation with the support of federal agencies.

“Without lifting transport restrictions, the republic will not be able to get the proper economic effect from investments in other areas. At the same time, it is more expedient to solve this problem with benefit for the whole of Siberia. The formation of transit through Tuva to Mongolia and China will revive business activity throughout the Siberian Federal District,” said Vladislav Khovalyg, head of the Republic of Tuva.

The head of Tuva indicated that in the light of the recently approved Socio-Economic Development Strategy of the Siberian Federal District, the region intends to use its geographical location for the benefit of itself and the rest of the SFD regions. To do this, it is necessary to form a unified Siberian economic environment by 2035, taking into account the strengths of the Siberian regions.

Sergey Ladyzhenko, General Director of the Yenisey Siberia Development Corporation, in his speech spoke about the Corporation’s work to attract residents to the Khandagayty Special Economic Zone (SEZ), support investment projects and development of investment proposals proposed for implementation on the territory of the republic.

“Currently, we see a great interest of investors in the projects being implemented in Tuva. This is largely due to the geographical location of the region: manufacturers are ready to place their production here in order to export products to China. Also, investors, including Chinese, are interested in creating production facilities for deep processing of minerals on the territory of the republic,” Sergey Ladyzhenko said.

The experts also discussed the implementation of major investment projects on the territory of the Republic of Tyva: the construction of a GOK at the Elegestskoye field; the development of the Western part of the Ulugh–Khem coal basin; the construction of a GOK based on the Ak-Sug copper-porphyry deposit, the project of which is included in the KIP Yenisey Siberia.

“Within the framework of the cluster “Non–ferrous metallurgy and rare earth metals and products of their processing”, it will be possible to create a manufacturer of battery metals, provided that a mining and processing plant is built on the basis of the Ak–Sug copper–porphyry deposit, which will require investments of 183.8 billion rubles and will create more than 4,000 new jobs. The development of the Kyzyl–Tashtyg deposit of polymetallic ores will attract more than 110 billion rubles of investment and create more than 900 jobs,” said Marat Fattakhov, Deputy Director General of the Center for Strategic Research.

According to him, the implementation of these investment projects can significantly change the profile of the regional economy of Tuva and create conditions for increasing its budget revenues and living standards in the region. This will require competent elaboration of models for the implementation of these projects and the creation of optimal conditions for investors.

Photo: Press service of the Government of the Republic of Tyva