The Volume of Private Investments in the Economy of the Novgorod Region Has Grown

As reported by the Region’s Minister of Investment Policy Denis Nosachev at the meeting of the Public Council under the Regional Government, from January to September 2022 the volume of private investments in the Novgorod Region constituted 26.7 billion roubles. This is 5 billion roubles more compared to the same period in 2021.
“The Novgorod Region Development Agency is supervising 50 investment projects with the total volume of investments equal to over 185 billion roubles. They envisage the creation of over 3,500 jobs,” the Minister said.

Along with that, the business comes to the Territories of Advanced Development. The Borovichi TAD currently has 10 residents which have already provided jobs for around 400 people. The Uglovka TAD has 4 residents having provided employment for around 200 people at their enterprises.
“Novgorod Special Economic Zone is our largest project of the last two years. We were the first in Russia to form an inter-regional management team together with Alabuga SEZ of Tatarstan. The production building of our SEZ is scheduled to be put into operation in this December,” Denis Nosachev pointed out.
Prefabrika Severo-Zapad LLC and Novgorod Electric Systems LLC have become the first residents of the Novgorod SEZ. Plants manufacturing prefabricated houses as well as complete switchgear and transformer substations will be built by investors at the SEZ. In the nearest future Marshall FT LLC with the car filters manufacturing project, TK Doksal LLC with manufacture of pressed aluminium alloy profiles and Technograd Nord LLC, the manufacturer of professional thermal equipment, expect to be added to the list of residents. The total amount of investments to be made by the SEZ residents will exceed 11 billion roubles by 2027, with more than 1,150 jobs created within the same period.
At the end of his presentation the Minister reminded the audience about the ready-to-use investment sites for small and medium business, such as Transvit, X10 and Garo Technology Parks, and about the investment legislation. It is changed every year in order to protect the rights of investors, reduce their fiscal burden and to improve the overall conditions of doing business.

It is worth mentioning that the SEZ, TAD and Technology Parks in the Novgorod Region function within the framework of the “Formation and Development of Modern Infrastructure in the Novgorod Region for Entities Involved in Investment and Business Activities” priority regional project.