The Republic of Tyva is located in the central part of the Asian continent in the south of Eastern Siberia of Russia, in the upper reaches of the Yenisei River. It is a democratic state governed by the rule of law within the Russian Federation and has its own Constitution and legislation.
The priorities of the economic development of the republic are:
- solving the problem of transport isolation of the republic from the domestic and international market;
- reducing the deficit of energy supply to the economy and social sphere;
- reindustrialization of the economy based on the formation of a new economy based on the achievements of modern science and the production of products with high added value;
- development of basic budget-forming industries that ensure the growth of the contribution to the economy of the region: mining and manufacturing industry, agriculture and timber processing complex in order to reduce the subsidization of the budget of the republic;
- creating conditions for the transformation of the economic model of the region from mainly raw materials to industrial and innovative development, carried out on the basis of advanced development of education, science and innovation using new tools for regional development.
The dominant economic activities of the region are:
- mining industry;
The strategic goal of the social and economic development of the Republic of Tyva is to ensure a high quality of life for the population by creating conditions for self-sufficient development, stabilizing dynamic economic growth rates by increasing the efficiency of using economic potential.
In order to achieve the strategic goal, tasks in the field of social, economic, infrastructural and territorial development are being solved.
The factors of investment attractiveness of the region include:
- the favorable geographical position of the republic in terms of transit opportunities, which allows it to become a convenient gateway for Russia to the promising markets of the countries of the Asia-Pacific region;
- rich mineral resource base: the presence of reserves of coal, non-ferrous, rare and rare earth metals, polymetallic ores, etc.;
- large reserves of the forest fund;
- favorable legislative support;
- political and social stability;
- availability of land resources and free sites for agricultural, industrial and other use;
- high tourist potential: Tuva is attractive for its rich historical and cultural heritage and preserved ethnic culture, with 959 cultural heritage sites located on its territory;
- large reserves of territories free for business development;
- experience in implementing major investment projects: eight major investment projects with a total investment volume of 350 billion rubles are being implemented in Tuva;
- the necessary infrastructure for business development is being created: an industrial park in Kyzyl, a Business support center, an Export Support Center, a Cluster Development Center, etc.