UrBC, Magnitogorsk, November 19, 2018. Magnitogorsk Iron & Steel Works (MMK) intends to co-finance the projects of MMK Industrial Park’s residents in order to support and promote business development in Magnitogorsk, the company’s Information & PR Department reports.

The co-financing will be offered to the most successful applicants planning to set up a new production facility or expand an existing one. MMK will supply up to 30% of the entire project’s cost, but no more than RUR 15m all in all.

‘This is seen as yet another incentive for the companies coming to set up an industrial production site at MMK Industrial Park. The park’s residents are already relying on the support mechanisms offered by the local government: zero property tax, a reduced 3.5% income tax, and the rental price of only RUR 66 per m2 (twice as little as what companies renting in Magnitogorsk pay on average),’ says MMK Director-General Pavel Shilyayev.

MMK Industrial Park offers its residents production buildings and warehouses with lifting equipment and electric power supply, manufacturing and fresh water supply, and natural gas supply. There’s an extensive rail network with direct access to both MMK’s internal rail park and South Urals Railway.