Moscow Ready to Invest Northern Regions

Moscow Mayor Yury Luzhkov says that Moscow authorities have concluded an agreement with the Arkhangelsk Region, the northern city of Severodvinsk and the Sevmashpredpriyatie enterprise. Moscow and the Arkhangelsk Region are cooperating in the construction of Yury Dolgoruki nuclear submarine missile carrier, as well as other areas of commercial and economic relations.  "But we need to check how the things are going and make some decisions together", 
 
The Moscow mayor says the Sevmashpredpriyatie enterprise turned a submarine decommissioned from the Northern Fleet into a museum. In the framework of the agreements concluded between Moscow and Severodvinsk, the Russian capital helps the northern city solve some of its economic problems. During his visit to Severodvinsk, Yury Luzhkov met with Arkhangelsk Governor Anatoly Yefremov; the delegation visited two closed workshops of Sevmashpredpriyatie where shipwrights work on the biggest strategic nuclear submarines, and a new TV tower in Arkhangelsk.

The other day, Moscow Mayor Yury Luzhkov and Arkhangelsk Governor Anatoly Yefremov have signed an address to the RF Government on holding an international economic forum "Arkhangelsk: Northern Investment Capital" in 2004. During the visit, the parties emphasized it was particularly important to cooperate in development of natural resources of Primorye.

The Arkhangelsk Region is rich in a variety mineral resources. Yury Luzhkov and Anatoly Yefremov have considered opportunities to attract investment from Moscow to develop northern deposits. The Moscow mayor says the investment potential of the Russian capital is about $12 billion. The money can be appropriated for the Arkhangelsk Region. Moscow indeed enjoys considerable trust in the business sphere, and the investment may give a new spur to development of Primorye.

It is said that exact projects meant for realization are to be published later. Another potential investment project provides for construction of accommodation in the region. It is expected that in 2003 Moscow will finish constructions of about 5 million square meters of new apartment blocks; that is why Moscow's experience and finance may improve the construction market in the Arkhangelsk Region. As a result of the visit, two important documents have been signed by Yury Luzhkov and Anatoly Yefremov: a document suggesting to hold a business forum in Arkhangelsk in 2004 and an agreement between the Moscow administration and the Arkhangelsk Regional Administration on development of the TV and radio broadcasting center in Arkhangelsk and TV and radio broadcasting in the region.