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Preparations for creation of customs zone on Kuril Islands to be finalized by September

The remaining parameters will be announced at the WEF

© AP Photo/Sergei Krasnoukhov

MOSCOW, August 17. /TASS/. It is planned to finalize preparations for introduction of a free customs zone on the Kuril Islands and full exemption of investors from taxes by September 1, the Minister for the Development of the Russian Far East and Arctic Alexei Chekunkov said in an interview with Izvestia published on Tuesday, adding that specific parameters will be announced at the Eastern Economic Forum (EEF).

"We aim at full exemption of investors for a long period from all taxes, the reduction of social insurance contributions to 7.6% and the introduction of free customs zone regime. That work will be finalized by September 1. We will announce specific parameters at the EEF, first of all the period of exemption from taxes," he said.

There is an advanced development zone on the Kuril Islands, though it only covers 31.5 hectares, whereas the Kuril Islands may be both a zone for creation of new enterprises related to processing of aquatic biological resources and a very interesting travel destination, the minister said. Asked whether Japan is interested in cooperation with Russia, he said that Japanese companies might become investors in projects on aquatic biological resources processing or tourism projects.

"Obviously, the Kuril Islands are an integral part of Russia. <…> We will welcome Japanese investors same as investors from all other countries, with their projects and within the framework of what we hope will become the most competitive advanced development zone," Chekunkov said.

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