The State Duma lower house of the Russian parliament has approved the 2nd and 3rd readings of the law establishing a free economic zone (FEZ) in the Donetsk and Lugansk People’s Republics and the Zaporozhye and Kherson regions, TASS reported.
The law sets a favorable business climate in these territories, specifies urban development and land use by investors and the tax regime, and applies the free customs zone procedure to the FEZ.
FEZ authorities will designate a federal executive body to create and run the FEZ, and the management company (the Territorial Development Fund).
The federal body ensures interaction and coordination between FEZ authorities and government agencies, approves the preliminary form of contract on business conditions in the FEZ and the investment declaration form, decides on unified register procedure, assesses FEZ effectiveness and submits annual FEZ operation reports to the government.
The Free Economic zone will function until January 31, 2050.
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The Lugansk Media Center earlier reported in detail on the prospects and opportunities which open for the new regions in a free economic zone.
LPR Economic Development Minister Svetlana Podlipayeva said that it would help the Republic attract investors.
The Lugansk People’s Republic, Donetsk People’s Republic and the Zaporozhye and Kherson regions acceded to Russia on September 30, 2022 following the unification referenda.*i*v
