The Republic of Komi is located in the north-east of the European part of the Russian Federation, within the Pechora and Mezen-Vychegod lowlands, the Middle and Southern Timan, and the western slopes of the Ural Mountains (Northern, Circumpolar, and Polar Urals).

The economy of the region is associated with the extraction and primary processing of minerals — oil, gas, coal, bauxite, gems, etc., wood processing and papermaking enterprises.

The dominant economic activities of the region are:

• fuel and energy complex;
• timber industry complex;
• investments.

In 2019, a long-term Strategy for the socio-economic development of the Republic of Komi for the period up to 2035 was adopted (approved by the Decree of the Government of the Republic of Komi No. 185 of 11.04.2019).

The main goal of socio-economic development of the Republic defined in the Strategy — high quality of life through sustainable economic growth, enhancing competitiveness and attractiveness of the region, as well as creating a comfortable living environment.

Factors of investment attractiveness of the region:

• political, social and economic stability;
• the existence of a regulatory framework that supports investment activities;
• a unique combination of mineral resources in terms of reserves, conditions of occurrence, diversity and quality;
• highly qualified personnel, including our own training base for highly qualified personnel for the forestry and oil and gas industries;
• provision of the budget system with its own financial resources, balance of the budget.