VLADIMIR PUTIN SIGNS LAW GIVING FIVE KEY HARBOURS IN THE RUSSIAN FAR EAST FREE PORT STATUS
05 July 2016
The proposals were developed by the Ministry for the Development of the Russian Far East by decree of the President, the Ministry reports in a press release.
Vladimir Putin has signed the law On Amendments to the Federal Law On Advanced Special Economic Zones in the Russian Federation and the Federal Law On the Vladivostok Free Port.
Five key harbours in the Russian Far East will now have free port status: in Khabarovsk Territory (Vaninsky District), Sakhalin Region (Korsakovsky District), Kamchatka Territory (Petropavlovsk-Kamchatsky), Chukotka Autonomous District (Pevek), and Primorsky Territory (Lazovsky District).
This follows a direct suggestion made by Putin at the first Eastern Economic Forum.
“We have succeeded in developing a successful and competitive free port programme, using our own working experience as well as best practices from abroad,” said the President, who proposed that the government “consider expanding the free port regime to other hub harbours in the Far East.”
In under nine months since the law entered into effect, the Vladivostok Free Port management company registered 94 official investment proposals, totalling over RUB 164 billion.
“We are counting on positive effects from expanding the free port regime to five key Far East harbours,” said Alexander Galushka, Head of the Ministry for the Development of the Russian Far East. “The free port regime entails applying a special legal framework to entrepreneurial and investment activities. Free port residents receive a number of incentives: tax breaks, simplified customs and visa procedures, and as great a reduction of administrative barriers as possible. All this will help to energise domestic business and attract foreign investors.”
According to Galushka, developments from the Vladivostok Free Port will be scaled to apply to the other Far East harbours.