The Ministry of the North Caucasus Affairs and Joint-Stock Company Northern Caucasus Resorts signed a tripartite agreement on tourist and recreational activities with the first resident of Armkhi and Tsori SEZ in Dzheyrakhsky and Sunzhensky municipal districts of the Republic of Ingushetia – Turistichesky Tzentr LLC.

This was announced by Odes Baysultanov, the First Deputy Minister of the Russian Federation for North Caucasus Affairs, Chairman of the Board of Directors of JSC NCR on the margins of the St. Petersburg International Economic Forum SPIEF-2018, which ended last weekend.

The application of the potential resident was approved in March at the meeting of the Expert Council of the Ministry of the North Caucasus Affairs of the Russian Federation for tourist-and-recreational special economic zones included in the North Caucasian tourist cluster, with a suspensory decision providing for the need to amend the business plan as suggested by members of the Expert Council. According to Odes Baysultanov, head of the Expert Council, Turistichesky Tzentr LLC took into account and corrected all observations.

‘We are delighted to welcome the first resident of the North Caucasus tourism cluster in the Republic of Ingushetia. Despite the fact that the development strategy of JSC NCR attributed Armkhi and Tsori resorts to the second stage of the project, however, the republican authorities and regional investors are acting, as it were, proactively,’ he stressed. ‘The tourists flow to the resort is continuously growing, so it is important to expand the infrastructure and opportunities for the region, including in summer,’ he said. In accordance with the business plan, Turistichesky Tzentr LLC provides for construction of a multi-disciplinary trade and leisure center Gostiny Dvor Armkhi in Armkhi ATRC. The facility shall include a local history museum, rows of shopping stalls, where regional food, souvenir shops, a restaurant with a summer terrace and a coffee shop, as well as sports and children's playing areas will be offered to the resort guests.

Investments in the project shall be about RUB 12.6 million, at the expense of the resident’s own funds, without borrowings.