Russia to boost investment in special economic zones

Russia's Finance Minister Alexei Kudrin said Monday that Russia would earmark 78.8 billion rubles (about 2.8 billion U.S. dollars) to develop the country's first special economic zones (SEZs).

SEZs hosting industrial manufacturing enterprises would get 23.1 billion rubbles (about 800 million dollars) of the total investment, while 55.7 billion (about 2 billion dollars) would go to zones focusing on technology promotion, said Kudrin at a theme conference presided over by President Vladimir Putin.

The first three SEZs, in Tomsk, Zelenograd, and Saint Petersburg, will start operating this year, and the remaining three will open later, once necessary infrastructure projects are completed.

Noting that foreign enterprises were encouraged to take part in their activities, Putin said the SEZs should first serve Russia's domestic economy.

Customs regulations defining products moving in and out of the zones should be worked out to avoid irregularity in the work of the customs officials, he said.

The president said the government should reduce interference in the operation of the SEZs, and map out tax and administrative rules conducive to their smooth development.

Source: Xinhua