Crimea prepares law for special economic zone

Noam Stiekema

Crimea prepares law for special economic zone, which will help for the development of the peninsular and will increase the trade quantity. The process of forming the statutory amendments continues, according to the Prime Minister of Crimea Sergei Aksenov. “We do not want this to be an ordinary law that reflects the standard rules already […]

Sergei Aksenov Crimea

Sergei Aksenov CrimeaCrimea prepares law for special economic zone, which will help for the development of the peninsular and will increase the trade quantity. The process of forming the statutory amendments continues, according to the Prime Minister of Crimea Sergei Aksenov.

“We do not want this to be an ordinary law that reflects the standard rules already established special economic zones in some regions in Russia … has an innovative approach that can quickly attract more capital”, added Acting Prime Minister of Crimea area. “Businesses will come here. We still have to filter out all those who are willing to invest in the Crimea”, he concluded.

On July 9, Sergei Aksenov said that the amount of funds allocated from the budget of the Russian Federal Target Program “Social and Economic Development of the Republic of Crimea and the federal city of Sevastopol 2020” will amount to 736 billion rubles. The sum is over six times more than Moscow would give Ukraine 2020. Earlier this week, Russian Prime Minister Dmitry Medvedev said at a meeting of the government to implement all plans in the Crimea, should “create the necessary conditions for economic activity”.

“I mean appropriate economic regime. Working conditions here should probably differ from those in other parts of the country by further reducing administrative and customs barriers and the creation of a more favorable investment climate”, said the Prime Minister of the Russian federation.

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