MOSCOW, April 28. /ITAR-TASS/. Russian government has endorsed bills for extending the operations of the Special Economic Zone (SEZ) in the Magadan region through to December 31. 2025, the press service of the Ministry for Development of the Far-Eastern Regions said Monday.
The new laws contain refined criteria, upon which participants in the SEZ are to be selected, and enhance the preferences in business operations and in customs formalities. The authors of the revised legislation believe this will help bring private investors in the Magadan region’s manufacturing and mineral-resource producing industries.
The SEZ was set up in the region in 1999.
Special Economic Zones began to develop in Russia as of 2005 under the guidance of the company ROSOEZ. They have brought together 400 investors from about 30 countries.
Russia has six SEZes of the manufacturing type that are located in large regions close to the places where natural resources are produced, five zones of the technological type located in large centers for research and education for stimulating innovative businesses there, four zones of the tourist type embracing the popular tourist destinations where the conditions are conducive to the development of recreational business, and two zones of the logistical type near the major transportation routes that help control supply chains.