Investors in new regions submit first applications as free economic zone participants

Potential investors have requested the status of free economic zone (FEZ) participants in the new regions including the Lugansk People’s Republic, said Russian Deputy Prime Minister Marat Khusnullin.   “A free economic zone provides considerable preferences for businesses,” Khusnullin said after a meeting over socio-economic development of the new territories chaired by the president.  “As of now, two applications for the status of FEZ participant have been submitted.”   In the Lugansk People’s Republic, a sunflower oil producer will implement an investment project to modernize production facilities while a potential investor in the Donetsk People’s Republic plans to launch the production of electric vehicles, he said.   The law on free economic zone sets special terms for urban development and land use by investors, a special tax regime and free custom zone in the new territories. FEZ companies are entitled to property and land tax grace periods, lower insurance fees etc.   The free economic zone will function till January 31, 2050.   The Lugansk Media Center earlier reported in detail on the prospects and opportunities which open for the new regions in a free economic zone. *i*ie      

 

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