Russia's Far East Free Port Attracts 7 Projects Valued at $1Bln

The Russian Far Eastern Development Minister said that potential investors of the Russian Far East free port of Vladivostok have proposed seven projects valued at $973 million.

VLADIVOSTOK (Sputnik) – Potential investors of the Russian Far East free port of Vladivostok have proposed seven projects valued at $973 million, the Russian Far Eastern Development Minister said Monday.

“Potential residents of the free port have offered seven investment projects…we are discussing specifics. The volume of declared investments exceeds 60 billion rubles,” Alexander Galushka told reporters.

Galushka said the law on the so-called porto franco of Vladivostok, relaxing state customs, taxation and visa regime regulations, came into force on Monday.

The Russian government offers the port’s residents free road and utilities infrastructure. Additionally, the porto franco residents are offered a profits tax of no less than 5 percent in the first five years, then 10 percent in the next five years.

Up to 15 of the Primorsky Territory municipal entities are governed by the free port regime.

Galushko later said he expected to submit a draft law extending the free port regime to other Far Eastern Federal District by early next month.