Increase of investment will exceed RUB 800 billion by 2025 in Crimea - Dmitry Sheryako

Press Service of the Crimea Development Corporation
22 November 2021

The planned volume of investment will exceed RUB 800 billion by 2025 in the Republic of Crimea. The Minister of Economic Development of the Republic of Crimea Dmitry Sheryako announced that, presenting the Forecast of Socio-economic development for 2022-2024 at Parliamentary hearings in the State Council of the Republic of Crimea.

"The basis of the economic growth of the republic is the steady dynamics of investment. Under the baseline scenario, investment are expected to grow by 12.4% over three years. The positive dynamics will be promoted by the active and systematic policy of the authorities to create a favorable investment climate. The annual volume of investment by 2024 will amount to more than RUB 290 billion, in total over RUB 800 billion in three years," Dmitry Sheryako said.

According to him, a gradual growth of the Gross Regional Product will be expected in the forecast period. In general, over three years, according to the baseline scenario, it will amount to 6.6%. It will be provided by the growth of basic sectors of the economy, the implementation of measures within the framework of state programs of the Republic of Crimea, the development of export-oriented enterprises, the implementation of priority investment projects, the implementation of infrastructure facilities, including within the framework of the federal target program "Socio-economic development of the Republic of Crimea and Sevastopol until 2025".

The positive dynamics of key economic indicators, the Minister noted, will have a positive impact on the quality and standard of living of Crimeans. Annual wage growth is expected in nominal terms by an average of 6.6%, in real terms - by 2.3% due to further popularization of entrepreneurship, registration of the self-employed, as well as a stable situation in the labor market.

The planned volume of construction works in 2024 will amount to over RUB 113 billion. Production growth is planned at the level of 1% annually. By 2024, the commissioning of housing is planned to increase to 994 thousand square meters. "This will be facilitated by the preferential mortgage program, as well as the construction of multi-apartment residential buildings for the resettlement of citizens from the emergency housing stock," Dmitry Sheryako stressed.

He noted that, in general, the economic growth of the republic is achievable with the implementation of all planned measures within the framework of state programs, regional projects and strategic initiatives.

 

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