Russian province woos Turkish investors

Dünya Executive - - BUSINESS - SERCAN AKINCI

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.

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