Russian province woos Turkish investors
Russia’s Kostroma region is calling on the Turkish business community to invest in the region.
Representatives of the western Russian province who visited the Foreign Economic Relations Board (DEIK) last week sought to attract Turkish investors with a promise of tax incentives of up to 20 percent for investments in the region.
Kostroma Governor Sergey Sitnikov said sectors such as machinery manufacturing and metal processing, agro-industrial and forestry complexes, construction materials production, and textiles are primed for investment.
However, Sitnikov said the province is against investments that could pollute the environment such as paper production, and pointed out that their doors are open to Turkish contractors because of the high quality of Turkish construction.
Last year, the Kostroma region produced $2.6 billion of gross product, Sitnikov said. “One third of this came from industry, one tenth from agriculture and forestry, 15 percent from trade, 5 percent from education, and 5 percent from health.” he said.
The growth rate of the manu- facturing industry in Kostroma is higher than in the rest of Russia. “Every second jewellery product in Russia is manufactured in the territory of Kostroma. 30 tons of gold and more than 45 tons of silver are processed every year,” Sitnikov said.
Sitnikov said meetings were being arranged with the Istanbul Jewellery Exporters’ Association and that the union could organise for designers to visit Kostroma for training.
Free land s allocated for nvestment
Kostroma Governor Sitnikov said that a progressive support mechanism has been created for enterprises operating in the region. In addition, Kostroma is offering tax incentives to investors.
“We provide more than 20 rubles of incentive for every 100 ruble investment. During the implementation of investment projects, we also provide co-financing for the establishment of transport and engineering infrastructure facilities,” Sitnikov said.
“In addition, the costs of investment and industrial facilities operating in priority areas are directly subsidized. For projects larger than $ 15 million, lands are allocated free of charge,” he said.