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Karelia Republic

The Republic of Karelia is located in the North-West of Russia. The Karelia Republic shares its western border with Finland, Southern border with Leningrad and Vologda regions, Eastern Border with Murmansk and Archangelsk.  The White Sea is located on the Northern East side of the Republic.

General Information:

The total area of Karelia Republic is approximately 180,500 square kilometers, which is 1% of the Russia Federation. The climate is Atlantic- Continental.  About 54.5% of land is covered by forests, 23.3% by water and 1.1% is agricultural land. Karelia Republic is rich in Natural resources and it is said to have 50 mineral resources in abundance.  Karelia has more than 400 deposits of different minerals, which include, vanadium, iron ore, titanium, molybdenum, mica, precious metals, building materials (marble, diabase, granites), ceramic raw materials such as spar, alkaline amphibole- asbestos, pegmatite and carbonate ores.

Economy:

The economy of Karelia Republic can be characterized by sharp increase in industrial production due to post-default and exports factors and due to sharp rise in investment of companies. The government of Karelia has taken steps to improve investment attractiveness of the region.

A program has been initiated with an objective to both, double the volume of investments and create jobs. The main principle of the program is active cooperation of the Government with industries and open door for external investors.

Government has developed new mechanisms to stimulate investments through this program. Apart from stimulating investments, it focuses on protection and helps solves major problems of investors that come within the jurisdiction of the republican authorities.  All these steps taken by government have led to increase in the industrial potential and gradual transition in the forward direction. This has led to economic development of the Republic.

The priority areas of Republic have been established and several economic programs have been introduced for development of forest industries and mining, support for small businesses, investment and industrial policy, modernization of utilities services and housing.

Labor Market:

The situation of labor market in Karelia Republic is quite stable and local government has introduced a special program “Development of Personnel Potential of the Republic of Karelia for 2008-2012” to develop workforce for upcoming industries. The labor resources are provided vocational training to make them fit for employment in various industries.

Industry:

The economy of Karelia is export oriented and more than 60% of total industrial production is exported. Karelia producer 22% of iron ore pellets, 6% of timber, 61 of paper sacks, 4% of timber products. Republic of Karelia is also known for its trout hatcheries, 70% of trout’s in hatcheries are produced in Republic of Karelia.

Investment opportunities:

The main sectors that are favorable for investments are

  1. Industries for complex processing of Timber
  2. Expansion of Mineral resource base
  3. Developing Affordable housing market
  4. Tourism development

Some of the Projects that need seek investment are

Mining Industry

  1. Complex exploration of Svetloosersk talc minefield
  2. Mining and beneficiation of raw quartz
  3. Mining and beneficiation of anorthosites

Objects of tourist and sport infrastructure

  1. Tourist complexes in Medvezhyegorsky district
  2. Gora Pyainur ski resort
  3. Hotel in Kostomuksha
  4. Spasskaya Guba ski resort
  5. Virazhi ski complex

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