The State program for the North Caucasus Federal District will support industry, the agricultural sector, and tourism

8 november 2016 | TASS

The increase in financing of the Federal program “Development of the North Caucasus Federal District for the period until 2025” will create new opportunities to support industry, the agricultural complex, tourism and other sectors of the economy while assisting the regions in gaining additional revenue. This was reported by Advisor to the Head of the Analytical Center Nurali Rezvanov in his interview with TASS.

Nurali Rezvanov
Nurali Rezvanov
Adviser to Head of the Analytical Center

"The second stage of  implementing the State program “Development of the North Caucasus Federal District for the period until 2025” set to launch in 2017 will involve intensive support of industry and the agricultural sector, contributing therefore to gaining certain additional revenue to the local budgets," Mr. Rezvanov said. The expert defined the President’s directive to elaborate upon the opportunity to generate more financing in compliance with the second part of the State program as ‘quite reasonable’, taking into account that significants results were gained as the outcome of the first stage.

"Financial resources are going to be concentrated, combined and put to use in cooperation with the available state support mechanisms to achieve maximum effect," he added.

According to Mr Rezvanov, it is not about handing out the infrastructure facilities and money for free, the Program mainly aims to support manufacturers that have a clear understanding that this money will have to be paid back to the State so it can be invested in other facilities.

The expert also believes that the launch of the Tyrnyauz tungsten-molybdenum production complex will breathe a new life into the infrastructure development in the entire region. The complex has to be revived after a careful analysis of the project, the analyst is convinced. "At one time this project was extremely important for the entire North Caucasus region, because a lot of local companies were dependent on the extraction and processing of tungsten-molybdenum ores," Mr. Rezvanov explained.

TASS notes that the Tyrnyauz deposit was discovered in 1934. The complex comprised open pit and underground mines, a refinery and a prospecting unit. The complex, which was completely shut down in 2001, has been included in the list of projects competing for state support under the import substitution program.

Source: TASS