Two LPR companies join Free Economic Zone

Society  Business 

Mining sector supplier "Vostokspetstransresurs” and large chain store “Spar Lugansk” have become Free Economic Zone participants, said the Territorial Development Fund (FRT) state-owned organization.

“The number of FEZ participants who are implementing investment projects in the Lugansk People’s Republic has reached 24,” the FRT said.

FRT Director General Ilshat Shagiakhmetov said that “Spar Lugansk” would launch nine new retail outlets and upgrade the existing stores, offices and warehouses.

The investment project will involve over 2,000 people and help create 450 new jobs, Shagiakhmetov said.

“Vostokspetstransresurs” and “Spar Lugansk” were approved as FEZ participants earlier this month.

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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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