MOSCOW, March 22 (Itar-Tass) —— The Russian government is drafting unprecedented measures to develop Siberia and the Far East. The Vedomosti learnt that for the construction of the infrastructure a special state-run company may be established. This company will receive all revenues from the management of the National Welfare Fund within ten years.
The newspaper learnt about the bill, which the Ministry of Economic Development had drafted to develop Siberia and the Far East. The ministry has drafted it under instructions from the government. Minister of Emergency Situations Sergei Shoigu initiated the bill. “Shoigu wrote a letter to Putin with the initiative to develop these territories, the prime minister instructed First Deputy Prime Minister Igor Shuvalov and the Ministry of Economic Development to tackle this issue,” a federal official said.
Shoigu offered to the premier to create a corporation for the development of Siberia and the Far East. This will be an independent non-profit organization, which will actually turn in a new state corporation, the bill runs. The president and the government will form a supervisory board and appoint its head.
The corporation will work on the construction of the infrastructure in Siberia and the Far East that is required for the implementation of priority investment projects on these territories, the bill said. The government will approve their list. The projects are planned to implement thanks to private investments, the federal official confirmed, “The business is interested in this region, but its development is complicated over the infrastructure deficit.” The corporation will be able to contribute to the implementation of these projects, making investments in their capital, but is to leave the capital in five years, the bill said. Within two years after the construction is completed the corporation will have to sell the built infrastructure to private investors.
The corporation does not have exact estimates of general costs and expenses, but they will be massive, the federal official acknowledged, “Now the volume of all investment projects in Siberia and the Far East is about two trillion roubles, it is needed to increase it manifold.” The Ministry of Economic Development offers as an asset contribution to pass to the corporation all revenues from the management of the National Welfare Fund (2.6 trillion roubles as of March 1) within ten years. The fund was formed in 2008 for co-financing voluntary pension savings and covering the Pension Fund deficit.
Some part of the asset contribution in the corporation can become the stock of Russian state-run companies. Another initiative of the agency is to exempt the corporation from federal taxes on profit, mineral resource extraction and the water use tax for ten years and from all regional taxes on property, land and transport for five years. The Ministry of Economic Development also offers substantial benefits for the residents in Siberia and the Far East.
On Wednesday, the initiatives of the Ministry of Economic Development were discussed at the meetings chaired by Putin and Shuvalov. The ministry and other agencies were offered to elaborate on the document and to submit it in the government in two weeks, two officials, who know the results of the meetings, said.