LOCATION

Astrakhan region is located in southern Russia in the Lower Volga off the Caspian Sea coast. The region borders Kazakhstan by land, Azerbaijan, Iran, Turkmenistan and Kazakhstan by sea. In Russia it borders Volgograd and Kalmykia.

AREA

The region’s total area is 52,9 thou. sq. km.

POPULATION (as of January, 1st, 2023)

Population of Astrakhan region according to Rosstat – 950 389.

Urban population share – 64%.

MAIN ECONOMY BRANCHES

Oil and gas industry, chemical industry, shipbuilding and repairing, agriculture and processing industries, machineries, production of construction materials, transport and logistics, trade, food and fisheries, tourism.

FOREIGN CAPITAL COMPANIES

As of January, 1st, 2023 there are 270 foreign capital companies incorporated in Astrakhan region from more than 45 countries.

CONSULAR INSTITUTIONS

Several foreign consular institutions operate in Astrakhan region:

- Consulate General of the Islamic Republic of Iran;

- Consulate General of the Republic of Kazakhstan;

- Consulate of Turkmenistan;

- Honorary Consul General of the Republic of India.

MAIN ECONOMY SECTORS IN BRIEF

Transport and logistics

Thanks to the access to the Caspian Sea, Astrakhan region plays a pivotal role within international transport routes. The region lies at the intersection of two Eurasian transport routes: International "North-South" Transport Corridor (INSTC) and "West-East" transport route. INSTC links Europe to India via the Caspian Sea and Iran, whereas "West-East" transport corridor goes from Europe through Astrakhan region and Kazakhstan in the direction of China. Due to this Astrakhan region boasts a robust transport and logistics complex, including port and related infrastructure.

Extraction and processing of hydrocarbons

Astrakhan region is most famous for its vast deposits of hydrocarbons: natural gas and gas condensate. The continental part of Astrakhan region and the adjacent area of the Caspian Sea boast substantial oil and gas deposits, being the largest in the European Russia. Land area resources amount to nearly 4,7 trillion cubic meters of gas and over 1,1 billion tons of liquid hydrocarbons. Major share of all the hydrocarbons comprises gas condensate and gas deposits belonging to the Astrakhan structural high.

Currently hydrocarbon field development is ongoing in the Russian sector of the Caspian Sea with 8 major oil and gas fields. The inferred resources (oil and gas condensate) of the Caspian shelf come to nearly 300 million tons, natural gas – over 600 billion cubic meters.  There are deposits of salt, gypsum and iodine in Astrakhan region.

Shipbuilding

Further development of the shipbuilding sector in Astrakhan region is being bolstered by the development of oil and gas fields in the Caspian Sea. Local shipbuilders are successfully implementing orders for the construction of multi-purpose vessels and oil platforms not only for the largest Russian transport and oil companies but also for foreign partners from Kazakhstan, Turkmenistan, China, Italy, Norway, Malaysia, UAE and other countries.

Agriculture

Farming appears to be one of the crucial economy sectors of Astrakhan region represented by 2 main divisions: crop farming and cattle-breeding. Following the results of 2022, the volume of gross agricultural production amounted to 64,7 billion rubles (in 2021 – 63 billion rubles) with a growth rate of 107.4%. Astrakhan region is one of the largest vegetable producers in Russia.

As of 2022 crop farming (potatoes, onions, tomatoes, cucumbers, bell peppers, aubergine, zucchini, watermelons, melons and others) has made up 2,366 million tons. At the same time only a small share of the farming produce is being processed therefore vegetable-processing companies enjoy a huge potential for expanding further. Greenhouses are another point to seriously take into consideration, being pretty much attracting for investors. As far as cattle-breeding is concerned, it can be divided into meat and milk production, camel-breeding and sheep-breeding.

Fisheries and fish-processing

Huge fishery resources of the Volga River and Caspian Sea are truly considered to be the foundation for fisheries and fish-processing in Astrakhan region. Carp, pike perch, cat fish, bream, Astrakhan herring and other common fresh water fishes are marketed both domestically and globally. Pond farming (carp, silver carp, grass carp) is also gaining momentum in the region. Besides there is a huge number of commercial fish farms in the region breeding sturgeon species, such as Russian sturgeon, beluga, Bester and starlet.

Machine-building

Machine-building complex of Astrakhan region is made up of enterprises, producing press-forging equipment, metalworking and woodworking machinery, painting equipment, mold tools and tooling for metalworking enterprises, ferrite products.

Tourism

Tourism is yet another significant sector of the regional economy. Unique geographical location of the region in the Volga River delta, diverse landscapes and nature attract more than two million tourists annually. The following trends in tourism are actively evolving in the region: cultural and educational, business, pilgrimage, ecological, fishing and hunting, gastronomic and ethnographic. Owing to its location on a dozen of islands, Astrakhan is often referred to as the "Venice on the Volga", all parts of the town are connected by a network of bridges and canals. A variety of mineral waters has been discovered in the region being a robust foundation for recreational and health tourism.

According to the Turstat analytical agency, Astrakhan entered the top 10 most popular tourist cities in Russia along with Moscow, St. Petersburg, Sochi, etc. The region also entered the top 10 gastronomic destinations in Russia.