Invest North Bay has signed a memorandum of understanding with a republic in Russia.

The agreement focuses on developing and exploring business, educational, applied research and cultural opportunities between the city and the Republic of Sakha, which is based in Yakutia, Russia.

The agreement was announced at the Prospectors and Developers Association of Canada conference in Toronto.

North Bay Mayor Al McDonald says “We are excited to formalize a working relationship with Invest Yakutia. The City of North Bay has much in common with the Yakutia region and today’s ceremony is another important step in supporting our mining sector as they develop new market opportunities.”

George Burton of Invest North Bay says, “Today marks an important strategic milestone for Invest North Bay Development Corporation.  Our mission is to promote North Bay as an attractive destination for business and investment to stakeholders across Canada and around the world.  The signing of the MOU with Invest Yakutia will enhance our international footprint and create numerous new opportunities for local businesses and organizations “

Yuliana Diryakhova of the Republic of Sakha says “The signing of the MOU between Invest North Bay and Invest Yakutia lays the foundation for establishing and growing relationships between our organizations, companies and community partners.  It will provide a framework and set guidelines to provide for mutually beneficial business and economic growth opportunities.  I am delighted and honoured to sign the Memorandum of Understanding between the North Bay Development Corporation and Yakutian Investment Development Agency. It’s the first Memorandum of Understanding signed by us with a North American development institution.My colleagues and I share the same feeling of excitement and optimism about future possibilities and opportunities that this partnership between our cities, regions and countries will bring. We look forward to work together on joint projects that will play an important role in promoting economic and social development, stability and mutual respect and understanding.”