Initial Free Economic Zone investments top 25 bln rbls - official

The sum of investments announced by the first six Free Economic Zone (FEZ) participants exceeds 25 billion rubles, said Russian Deputy Prime Minister Marat Khusnullin.   Another four companies from the Lugansk and Donetsk People’s Republics have been certified as FEZ participants, Khusnullin said adding that a FEZ participant plans to restore the capacities of seven companies in the Donbass Republics and increase their workforce to 23,000.   Investors will restore the output of rolled steel, cast iron and structural steel in Yenakiyevo and fluxing limestone production in Komsomolskoye. Three Makeyevka companies are expected to boost production, he said.   “Potential investors are increasingly interested in the FEZ; as of now, 103 legal entities have registered on the Territorial Development Fund’s investment portal,” Khusnullin said.   ***   The free economic zone law adopted in June sets a favorable business climate in the new territories. FEZ companies are exempt from paying property tax a period of ten years and land tax for three years and enjoy other incentives such as lower insurance fee rates etc.   The Free Economic Zone will function until January 31, 2050. *i*ie

 

 

 

 

 

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