Russia to set up special economic zone in Far East

0 Comment(s)Print E-mail Xinhua, April 16, 2014
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President Vladimir Putin has ordered a special economic zone to be set up in the Russian Far Eastern city of Vladivostok.

According to the order published on the Kremlin website Wednesday, the zone must be created by June 15.

"Taking into account the previous instructions of the President, a special economic zone of industrial type is to be created in Vladivostok, and funding for construction of its industrial infrastructure must be provided," the document said.

Putin has repeatedly said Russia's priority for future development will be in the east.

Highlighting the enormous potential of Siberia and the Far East, he once said it would be a chance for Russia to occupy its proper place in the Asia-Pacific region and integrate into the most dynamic region in the world.

Currently, 28 zones with four different economic regimes have been created throughout Russia. According to the Ministry for Economic Development, six of them are industrial and production zones, five are technology and innovation zones, 14 are for tourist and recreational purposes and three are port zones.

Residents of the special economic zones enjoy tax preferences, modern transport, social, customs and other infrastructure, a free trade regime, reduced administrative barriers, access to qualified personnel, simplified migration regimes and other preferences.

The government is also mulling the creation of another special economic zone in the newly adopted Republic of Crimea.

By December 2013, there were 338 companies in special economic zones, including foreign companies from 24 countries. The total volume of scheduled investments was more than 12 billion U.S. dollars. Endi

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