22 LPR companies become Free Economic Zone participants

Society  Business 

More than 20 enterprises from the Lugansk People’s Republic have become Free Economic Zone participants, said LPR Head Leonid Pasechnik.

“As of today, 22 companies have signed agreements on operation in the Free Economic Zone,” Pasechnik said at the forum “I’m Proud of Russia” hosted by the Sambek Heights Military-Historical Museum Complex in the Rostov region.

Investments in production development will reach over 21 billion rubles and help create more than 1,700 new jobs, he said. The LPR can pride itself on this result, the LPR leader said.

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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*sb

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