MOSCOW, October 30. /TASS/. Customs procedures could be simplified as part of the free economic zone in Crimea’s ports in an effort to “boost business activity in the peninsula,” Russian Prime Minister Dmitry Medvedev told a Cabinet session on Thursday.

“The regimes of 'free flag' and the so-called convenient port may be introduced in the naval harbors of Crimea that will significantly ease customs procedures,” Medvedev said.

Investors in a free economic zone of Crimea would be exempt from some taxes for up to 10 years, Medvedev said. He also said administrative barriers would be lowered.

The Russian government has approved the creation of a free economic zone in Crimea, Medvedev said.

Medvedev demanded from the cabinet members to submit as soon as possible draft laws concerning the launch of the free trade economic zone in Crimea with the Russian parliament’s house.

“We need to quickly submit the bills with the State Duma as their preparations already took longer than we initially planned,” Medvedev said.

“The peninsula boasts an enormous economic potential, but at the same time it (Crimea) lacked financing over the past decades,” Medvedev said, adding that besides the state investments the peninsula also needs private investments.