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Crimea and Sevastopol

Investments in Crimean economy over past days exceed those of past ten years — official

Overall investment in the Crimean economic zone will reach $19 million whereas only $10 million was invested in Crimea over the past 10 years

© ITAR-TASS/Alexander Ryumin

SEVASTOPOL, April 17. /TASS/. Investments in Crimea in the past ten years barely reached $10 million whereas contracts for a sum twice as much have been inked in the past several days, chairman of Crimea’s State Council [legislature] Vladimir Konstantinov said on Friday at the Yalta international economic forum.

"Over the past ten years, only $10 million was invested in Crimea. It is nothing. We had a lot of meetings with foreign ambassadors but they were more interested in the situation on the peninsula," he said.

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Now, he said, "the nature of the investor has changed." Interest to Crimea is being demonstrated by businessmen from Russia and countries of the Commonwealth of Independent States (CIS) who are attracted by Crimea’s growing consumer market. According to Konstantinov, the basic investment package in Crimea would be formed within the next three years. "Don’t miss your chance," he said.

He also warned businessmen against getting involved into corruption schemes. "You don’t have to pay anyone here. And if you pay, you’d only have more problems - we will charge you as violators of rules that are being formed in Crimea. There is nothing secret that cannot come to light. Crimean residents have grown corruption intolerant and they will inform us," he said.

It was reported earlier that Crimea’s head Sergey Aksyonov signed agreements with five potential residents of the Crimean economic zone. Among the biggest projects is arranging 850-hectare vineyards in Crimea’s Saki district. An investment agreement was signed with Legendy Kryma (Legends of Crimea), a Russia leader in wine-making and sales. "Overall investments in the project will reach about one billion rubles ($19 million)," the company’s director Pavel Pestov told journalists.

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One year on from Crimea’s reunification with Russia

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Crimea and Sevastopol Investment

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