Irkutsk Region is going to encourage USA investments to the sawmilling and woodworking industry

Dmitry Mezentsev, the Governor of Irkutsk Region, held a meeting with Edward S. Verona, the President and CEO of the U.S.-Russia Business Council (USRBC). The meeting took place during the VIII Krasnoyarsk Economic Forum on February 18, according to the information provided by the Government of Irkutsk Region.

The parties have discussed the economic cooperation between the region and the Council. The Governor noticed that USA has been one of the major foreign trade partners of Angara Area for several years. According to the results of 2010 the sales turnover of the two countries amounted to USD 624,1 mln. USA accounts for 10,3% of the total sales turnover of Irkutsk Region. The major scope of supply from Angara Area to the US market is formed by non-treated aluminum, aluminum wire as well as timber and chemical products. The main scope of import from USA to Irkutsk Region is occupied by equipment and transport.

During the meeting Dmitry Mezentsev and Edward Verona also discussed their plans on cooperation in the sphere of investment encouragement in order to develop the deep processing in woodworking, chemical, non-ferrous metal industry as well as in recreation and tourism industry in Angara Area. During their negotiations, the parties also examined the possibility of cooperation in establishment of joint ventures, development of small and medium-sized business, eco and ethnic tourism. Mezentsev told that during their meeting with Elvira Nabiullina, the Minister of economic development of the Russian Federation, an issue of immediate search for residents for exclusive economic zone (EEZ) of tourist and recreational type in Slyudyansk District was raised. The Governor noticed that the investment attractiveness of EEZ creation is connected with tax advantages: reduced profit tax and corporate property tax rates. Moreover, the residents are exempted from land-use tax for five years since the emergence of ownership right for each land lot which is located at the exclusive economic zone area.

"We are going to enhance the cooperation between the regional companies and American business in order to settle an example of development of bilateral relations. Each investor in Angara Area is welcomed by affirmative approach and a creation of favourable environment", - pointed out Dmitry Mezentsev.

The Governor invited Edward Verona to take part in the VII Baikal Economic Forum which will take place in Irkutsk in September, During the VII Baikal Economic Forum it is anticipated that the issues of infrastructure, timber industry complex and measures for preserving of a unique ecosystem of the Lake Baikal as well as the principles of a new urban planning philosophy will be raised.