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Crimea to become Russian special economic zone-Medvedev

Published time: March 24, 2014 18:32
Edited time: March 31, 2014 09:59
Black sea coastline, Yalta, the Crimea (RIA Novosti/Igor Mikhalev)

Black sea coastline, Yalta, the Crimea (RIA Novosti/Igor Mikhalev)

Crimea may become a Russian special economic zone (SEZ), according to Russia's Prime Minister Dmitry Medvedev. One of the biggest perks of the new status would be tax incentives for big investors.

Talking to the Government meeting on Monday Medvedev said Crimea could become a special economic zone. (SEZ). The Crimean SEZ will be similar to the SEZ in the Kaliningrad region, says Izvestia referring to a government official. "As well as in the case of Kaliningrad, it is required to adopt a separate law which will allow giving tax privileges to all large investors, ready to put money into the region".

According to Kaliningrad SEZ rules, local residents are free from paying income and property taxes for the first six years.

A development corporation for the Crimea will be created as part of a special federal target program.

The Russian investors are ready to carry out projects in Crimea worth $5 billion, the Minister of Economic Development Alexey Ulyukaev said. But neither he, nor other officials named the investors, nor the projects. The Crimea will be developing tourism, agriculture and port services according to the minister.

Besides Russians, Ukrainian investors may be also interested in the SEZ. "There is no place to invest big money in Ukraine, the Crimea is the only prospect.

Tax privileges will stimulate investors, the director of the 5I institute Marina Udachina is convinced. “Interest in the new region is huge, as everybody understands that it will be actively developed by the state.

Comments (17)

 

Uzume 31.03.2014 14:56

Ukrainian will regret support the coup and follow the West. America and the NATO just want Ukrainian to wage war with Russia. Freedom is not free, there cost of humain life.

 

tim 25.03.2014 11:56

tim 25.03.2014 11:55



Gi ven that the EU does not recognise the Crimea as part of Russia, I imagine it will be treated similar to Northern Turkey since 1974.

So until EU people grow wings, I'd forget that plan.

  


Northern Cyprus, sorry..

 

tim 25.03.2014 11:55

HenryHall 25.03.2014 02:15

There should be a easy special visa-on-arrival (like Thailand) programme for EU citizens who wish to stay up to a month in Crimea on holiday. Limited visa, Crimea only, not valid for the rest of Russia.

  


Gi ven that the EU does not recognise the Crimea as part of Russia, I imagine it will be treated similar to Northern Turkey since 1974.

So until EU people grow wings, I'd forget that plan.

View all comments (17)
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