Two forestry investment projects implemented in Vologda

The Vologda Region has completed the implementation of two priority investment projects, the Russian Ministry of Industry and Trade reports.

According to Federal Law No. 160 of July 9, 1999, a priority project is an investment project that requires involvement of an aggregate volume of foreign investment of at least RUR 1 bln ($15 mio).

The second feature of priority investment project is that the foreign investors’ minimum share in registered capital should be no less than RUR 100 mio ($1.5 mio).

The priority projects in Vologda were related to forest development; the first one included timber harvesting, sawmilling and wood processing; the second one included the construction of a wood processing plant.

As part of the first project, a wood processing facility was built in the village of Morozovitsa in the Veliky Ustyug County, Vologda Region, plus a unit for timber harvesting of at least 83K cubic meters. Total investment in the project was RUR 523 mio ($8 mio). The project was implemented between 2009-2018.

As for the second priority investment project, it was implemented between 2013 and 2019. In the village of Vozhega, a new wood processing plant was built, old facilities renovated and a unit created for harvesting of at least 50K cubic meters of timber. Total investment in the project reached RUR 352 mio ($5 mio).

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