Russia’s Far East to Get Special Economic Zone by Mid-June
City of Vladivostok
Photo credit: RIA Novosti
By RIA Novosti
Vladivostok, Russia’s hub in Far East will receive the Special Economic Zone status in June 2014 to attract new businesses and investors.
MOSCOW, April 16 (RIA Novosti) - Russian President Vladimir Putin instructed the government to create a special economic zone (SEZ) in Vladivostok - a hub of Russia’s Far East - by June 15, according to Kremlin’s official website.
“Taking into account the previous instructions of the President of the Russian Federation a special economic zone of industrial type is to be created in Vladivostok and provide funding for construction of its industrial infrastructure,” said the instructions following the meeting with the members of Russian government.
The Federal Law on Special Economic Zones in Russia was adopted nine years ago, with 28 SEZ successfully launched in Russia so far.
The government has estimated a rise of 12.7 billion rubles in investment to special economic zones in 2013. The projected annual volume of investments as of January 1 2014 is 430.5 billion rubles, with the most recent plan of a SEZ to be devised for Crimea.