$700 million worth project to boost fish logistics for Russian Far East and Arctic

State Development Corporation " VEB.RF", JSC "Corporation for the Development of the Far East and the Arctic" and " Management Company of the Corporation Fish LLC (Fish.RF) have signed an agreement on the implementation of an investment project for the integrated development of fish logistics in Russia in the Far East and the Arctic< reports Megafishnet.com.

According to the government, the total investment in the project is estimated at 52 billion rubles (ca. $700 million).

The project provides for the renovation of three existing fish ports in Murmansk, Petropavlovsk-Kamchatsky and Korsakov (Sakhalin Region) and the creation of a new fishing port at Cape Nazimov in Vladivostok with a joint annual cargo turnover of 4.6 million tons.

Within the framework of the project, it is planned to build new cold store complexes with a total capacity of 35 thousand tons on the territory of the above ports, live seafood storage facilities, refrigerated containers storage and transshipment sites, infrastructure for conducting auctions of fish products as well as fish processing complexes with a capacity of 110 thousand tons.

Thanks to the development of the infrastructure, the fishermen will receive modern and technological services for the storage, processing and handling of fish products. The new infrastructure will simplify access for products to the domestic market, fish will hopefully become more affordable. The formation of integral logistics chains in compliance with temperature conditions will also improve the quality of products that are delivered to consumers.

As a development institution, the Corporation for the Development of the Far East and the Arctic is ready to provide assistance to investors, to provide all existing support measures within the framework of preferential regimes including the territories of advanced development, the free port of Vladivostok and the Arctic zone of the Russian Federation. Investors have access to significant tax benefits and preferences, including: social insurance deductions reduced to 7.6% for 10 years, zero taxes on property, profit and land for the first 5 years.