Sixty enterprises in the new regions with a total sum of declared investments at 37 billion rubles have become Free Economic Zone participants, said Territorial Development Fund Director General Ilshat Shagiakhmetov.
LPR mining, steel-making, food and construction companies will invest 37 billion rubles to spur economic development of the new regions, Shagiakhmetov said adding that social projects would involve 38,000 people and create 3,000 jobs.
As of December 7, 50 enterprises in the new regions with a total sum of declared investments at 32 billion rubles had become Free Economic Zone participants.
***
The Free Economic Zone law adopted in June sets a favorable business climate in the new Russian territories. FEZ companies are exempt from paying property tax a period of ten years and land tax for three years. They also enjoy lower insurance fee rates. The Free Economic Zone will function until January 31 2050.*i
