An Investment Development Agency will be created to help restart the investment cycle in Russia. First Deputy Andrey Ivanov will be appointed Director General of the Agency in accordance with the order of the Ministry of Economic Development. This was announced by Russian Minister of economic development Maxim Reshetnikov during a working visit to Kaluga.

The Agency will be created on the basis of ANO "Investment and Technological Development". The main tasks of the Agency are to support the implementation of new investment projects in Russia, support agreements on the protection and promotion of investments. In particular, the Agency will prepare proposals for improving the relevant legislation.

"The Agency will not only develop the existing infrastructure in Russia for the implementation of investment projects, but also act as an intermediary in the dialogue between the state and business, as well as provide other support to investors, including assistance in attracting funding for specific projects," the Minister said.

During the working visit, Maxim Reshetnikov visited the construction site of Kronospan Kaluga, one of the residents of the Kaluga special economic zone.

The company has expressed a desire to become a potential applicant to conclude the IPPA.

The area of the land plot located within the boundaries of the SEZ intended for the implementation of an investment project for the production and sale of wood boards is 132.8 hectares.

The total cost of the investment project is 12.5 billion rubles. The launch of the enterprise is planned in 2021 at the production site "Ludinovo".

After the project reaches its planned targets, the annual turnover in the Kaluga region will amount to 8.1 billion rubles with a 50% export share.

The company plans to increase its presence in the Russian market of wood boards, as well as increase exports to Central Asia and China (at least 30% of its own production).