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).