Agroterra-M company, which has the status of a resident of the Arctic Zone of the Russian Federation (AZRF), will create a nursery for growing pines and fir trees in the city of Kola, Murmansk region. The company will also produce specialized soil and fertilizers for coniferous trees. The company's products are designed for reforestation, landscaping of public spaces and private households. Under the agreement with the Corporation for the Development of the Far East and the Arctic (CRDV), the investor will invest 95 million rubles. The company will start selling seedlings and soil in 2029.
"The company will simultaneously produce and store more than 10,000 cubic meters of fertile soil and grow about 3,000 seedlings of spruce and pine trees two to three years old with a closed root system. The planting material is intended for landscaping and restoration of forest plantations. It will be in demand from gardening companies, horticultural associations and homeowners," said Denis Shpilivoy, CEO of Agroterra–M.
"Growing tree seedlings is an ecologically and socially responsible business. The Corporation for the Development of the Far East and the Arctic supports entrepreneurs by providing tax incentives and administrative preferences. This simplifies the introduction of investment projects," said Alexander Shutov, Director of the Murmansk Regional Development Bank.
Residents of the Russian Arctic in the Murmansk Region are not subject to land tax for 3 years and property tax for 5 years. The CRDV subsidizes 75% of insurance premiums during 10 years of residency. During the first 5 years, the income tax rate is 5%, from the fifth to the tenth years – 10%. There are 297 residents of the Russian Arctic in the Murmansk Region. Businesses have already invested 53.02 billion rubles in the region's economy and created 3,088 jobs. 50 investment projects have been put into operation.
/ Murmansk Region Development Corporation /