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Cabinet extends support for investment projects of timber industry in the DFO until the end of 2018 - EastRussia | Far East

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The Cabinet extended the support of investment projects of the timber industry in the Far Eastern Federal District to the end of 2018g

The Government of the Russian Federation has decided to extend the program of support of timber processing enterprises in the Far Eastern Federal District implementing priority investment projects, the press service of the Ministry of Regional Development said.

"Earlier, investors could receive a subsidy to recover costs incurred in 2013-2015 years. Now such subsidies extend to costs until the end of 2018. The decision of the government stimulates the growth of investments in timber processing and is aimed at supporting projects for deep wood processing, "the words of Deputy Minister Alexander Krutikov said in the message. This year, from the federal budget for these purposes will be sent 1,3 billion rubles., In 2018 year - 0,7 billion rubles. With the words of an official, the agency recalls that the Far Eastern Federal District accounts for 43% (497 million hectares) of forest fund land and 25% (20,5 billion cubic meters) of Russian timber reserves. At the same time, the total timber harvesting in the Far East is only 8%, the report says.

It is also reported that the Ministry of Vostok development, developed jointly with the Ministry of Industry and Trade, will introduce a mechanism for granting tariff quotas for the export of round timber to enterprises exporting deep-processed wood products, until the end of this year. Also by the end of the year the ministry intends to support at least five new projects of deep wood processing.