04 July 2016

    Development prospects under the new regulations were discussed at a meeting held by a government commission chaired by Deputy Prime Minister and Plenipotentiary Presidential Envoy to the Far Eastern Federal District Yury Trutnev, RIA Novosti reports.

    Giving Korsakov Port free customs zone status will enable duty-free import and export of products processed on its territory. The preferential status will help to reduce the cost of equipment used in production. Furthermore, the new status grants foreign citizens access to a simplified visa regime.

    “The proposed benefits are very attractive to investors, and the experience of the Vladivostok Free Port proves this. Investors from Japan and South Korea have already shown interest in the project to establish a fisheries cluster at Korsakov,” said Governor of Sakhalin Region Oleg Kozhemyako.

    Besides Korsakov Port, a number of other key ports in the Russian Far East will also be given free customs zone status. The necessary amendments to the federal laws have already been made.

    “The Korsakov Port development concept encompasses the construction of a new marine terminal, the extension of the mooring area by 300 metres, and dredging works. Apart from these activities, a fisheries cluster is being established on the port site, and will include a logistics terminal, a refrigerator, processing facilities, an auction venue, and a ship repair yard. Design documentation is currently being prepared for all the facilities, so that construction can begin next year,” Kozhemyako added.