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Tax break zone to be set up outside Moscow in Sept.

MOSCOW, August 14 (RIA Novosti) - A special zone to foster technological and industrial development will be established outside Moscow in late September, the head of the agency overseeing the project said Monday.

Six special economic zones in Russia, which should be set up by the end of 2007, will provide companies with customs and tax breaks of up to 20 years in a bid to boost the country's economic performance.

And Yury Zhdanov, said one such area would be established in the town of Zelenograd, a technological center in Soviet times that is located in the Moscow Region but technically falls under the administration of the capital, by the end of next month.

"A building [with an area of] 20,000 square meters has been constructed there and is being provided with equipment worth millions of dollars," he said.

Zhdanov said two resident companies had been registered.

The agency said earlier in the year that it had registered the first resident company in the Zelenograd and it would focus on radio-electronic systems.

The company will pursue innovation projects in the area until 2021, investing a billion rubles ($37.3 million) and creating 430 jobs.

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