Onshore plants worth $26 million nearing completion

November 24, 2020 08:53

Investors have injected more than RUR2 billion in the creation of factories in Kondopoga of Karelia (Russia's province in the Northwest) and now they are being commissioned, reports Megafishnet.com.

The investors are Rybotorgovaya set LLC and Barents Group LLC.  New fish processing plants in Kondopoga will start operating in early 2021, according to the government of Karelia.

Construction of enterprises at the Territory of Advanced Socio-economic Development "Kondopoga" began in 2018. Now all the equipment has been received and erected and the commissioning is being completed.

The plants are planned to be launched in late December 2020-early January 2021. The capacity of one plant for the production of fillets, farce and other products from cod and haddock will be about 75 tons per day. The other one will manufacture 60 tons of fish fillets per day. About 100 jobs will be created at the enterprises.

The Ministry of Industry and Trade of the Russian Federation has completed the acceptance of the plants under the extra fishing quotas versus investment obligations scheme. The Commission of the Department for investment projects conducted an on-site inspection in Kondopoga. According to its results, all equipment meets the requirements stated in the investment project and business plan.

It is expected that the Federal Agency for fisheries will allocate extra fishing quotas to the investors from 2021.

The rise of such large fish processing plants in Kondopoga will give an impetus to the development of the entire Kondopoga district.

Apart from the investment fishing quotas, the businessmen were lured into the project by the benefits offered by the Territory of Advanced Socio-economic Development (TOSER). This type of economic zone offers its residents significant benefits, primarily in taxation. Thus, the property tax and land tax for the enterprises of TOSER are equal to zero. The social tax on the wages has also been significantly reduced.

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