Social and Economic characteristics
Yakutia is truly a treasury of natural resources. Diamond deposits in West Yakutia as well as gold deposits in the basins of Aldan, Indigirka, and Yana, are all well known. The Republic has large reserves of tin, wolfram, mercury, complex and iron ores, bituminous and brown coals, natural gas and oil. Yakutia is also famous for construction materials and salubrious mineral waters.
The most important industry is mining. The diamond, gold and tin ore mining industries are the major ones. 99 per cent of all Russian diamonds are mined in Yakutia. The Republic develops its diamond processing industry along with the oil and gas processing complex. Jewelry is another traditional branch of the economy. Along with diamonds, coal has a very high export value. Coal is exported to the different regions of Russia and to the Asian-Pacific countries. Timber production and processing is also highly developed.
Water transport ranks first for cargo turnover. There are six rivers and two sea ports, three shipping companies besides the Arctic Sea Shipping company. Air transport is the most important for transporting people. Airlines connect the Republic with most regions of Russia. Yakutsk airport has an international terminal. Two federal roads pass the Republic. They are Yakutsk-Bolshoi Niever and Yakutsk-Kolyma. The Berkakit-Aldan railroad is in operation at present. It links the Baikal-Amur railroad with the industrial centers in South Yakutia.
Cattle, horse, and reindeer breeding, together with farming, are traditional occupations of the native people. In the North there is also a significant amount of hunting, fur-farming, and fishing activity.
The Republic possesses all the segments of the financial market. All of he banking services are provided by nine republic banks, Sakhacreditbank and Almazergienbank to name the major ones, and by the affiliates of Russian banks. There are some major stock-market operators, SakhaInvest and Sapitrast investment companies to name two.
The medical insurance market is represented by Argysmedstrah and Sakhamedstrah. The rest of the insurance services are provided by Rosgosstrah-Argys and Sapi-polis.
There are several major public funds in operation in Yakutia. These are Barkharyy fund, The Children of Sakha-Asia Fund, and The Targeted Fund for Future Generations.
Science and Education
The Republic has a very highly developed scientific community. 14 academic and 20 research institutes of Yakut Science Center of the Siberian Branch of the Russian Academy of Science, and the Republic Academy of Science, study and research some of the most important questions in geology, environment, biology, Space and aeronautics, technical science and liberal art, etc.
M.K.Ammosov Yakutsk State University is one of the major institutions of higher education in Siberia. The University faculties and institutes offer more than fifty fields of specialization. Thirteen thousand students study at the University. Studies are effectively conducted at the University.
Most of the secondary education schools and all of the technical colleges are public. The network of the President schools has been established as advanced secondary education.
The network of public healthcare facilities has been maintained in the Republic. Sanitariums, preventive clinics, and rehab centers are part of the network. Private medical practices have been developing recently. The National Medical Center is equipped with state of the art equipment and highly qualified. It is capable of performing advanced diagnostics and medical treatments.
Yakutia is involved in foreign trade with 34 countries. The leading trade partners are the Asian neighbors. Diamonds and gold head the list of visible exports. Next come coal and timber. Non-ferrous metals, furs, reindeer, and horse breeding, are exported as well.
The Government has established conditions that stimulate foreign investment. The Government directs the investment flow to assist the development of the diamond processing industry, construction industry, trade, and education. The United States, UK, France, and Germany are the major investors.
The Republic productively cooperates with UNESCO, UNDP, the European Council, the World Healthcare Organization, the World Wildlife Fund, and others. The headquarters of the Northern Forum is located in Yakutsk. The Northern Forum is a non-government organization that works to unite the Arctic countries.