State Duma passes the bill "On the Free Port of Vladivostok" in first reading
The State Duma of the Russian Federation on June 19, 2015 passed the bill "On the Free Port of Vladivostok" in first reading.
The Free Port zone is to cover 13 municipalities enabled to apply the best practices of cargo/passenger flows regulation and control, free port customs procedures, visa-free regime for foreign tourists and businessmen.
The Free Port of Vladivostok involves the introduction of a simplified visa regime, the creation of a free customs zone. Some special conditions are expected to be established for the operation of educational and health institutions, as well as of a number of enterprises, including fishing companies. Another important innovation is that all the audits of residents both planned, and unscheduled, should be carried out only in a special manner in coordination with relevant agencies.
The proposal to give the status of the Free Port of Vladivostok with an attractive, easy customs regime was announced by Russian President Vladimir Putin in his annual Presidential Address to the Federal Assembly in December 2014. In April this year the President also drew attention to the need to expedite the appropriate amendments to the legislation.
According to the law drafters, the adoption and implementation of the bill on the establishment of the Free Port will help increase the gross regional product of Primorsky Krai by 1.7 times on 2015 figures to RUB 1.106 trillion by 2021, by 2025 – to RUB 1.402 trillion (an increase of 2.2 times), by 2034 - 2,157 trillion rubles (3.4 times from 2015). GRP growth of Primorsky Krai will be 470.1 billion rubles in 2021, 766.2 billion rubles - in 2025, 1.521 trillion rubles - by 2034. Besides, the port will help create news jobs – 84,700 by 2021, 108,000 - in 2025, and at least 468,500 jobs in 2034. As a result of the project, GRP of the Far Eastern Federal District is expected to soar 34% to RUB 1,97 trillion in 2025.
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