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International advance-development territories' four locations chosen in Far East

The work to organize international advance-development territories has been initiated by President Vladimir Putin to build up foreign investments in projects with high added value

VLADIVOSTOK, December 21. /TASS/. Four potential locations for international advance-development territories are chosen in the Far East, First Deputy Minister for Development of the Far East and Arctic Gadzhimagomed Guseinov told the regional investment-industrial forum.

"By now, we have chosen four potential locations for international advance-development territories," he said. "First of all, the Zapadnaya location near Vladivostok, and we also eye a location in the Amur Region - Rovnaya."

"Another location is in the Jewish Autonomous Region - Nizhneleninskoye, and the Bolshoy Ussuriysky Island in the Khabarovsk Region," he continued. "The basic criteria were to have border and transport infrastructures nearby, and now we are working actively to attract potential business residents."

The work to organize international advance-development territories has been initiated by President Vladimir Putin to build up foreign investments in projects with high added value, he said. "The key difference between the international advance-development territories and the existing mechanisms is that those territories may be organized on the basis of an international agreement and they would have managing companies featuring foreign investors."

"In order to protect interests of foreign investors, there would be an active mechanism not to disclose business owners, and the tax preferences and infrastructure support would be similar to those used in other advance-development territories, with the exception for the income tax," the deputy minister said.

As for the income tax, the zero rate option would be extended from five to ten years, he added. The key requirements would be: projects must make investments from 500 million rubles ($5.5 million) and businesses must be registered locally.

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