The First Special Economic Zone Will Appear in the Smolensk Region

During the Fourth Regional Social and Economic Forum “Territory of Development”,which has taken place in the central city of the Smolensk Region, an official signing ceremony for a cooperation agreement has been held between the Administration of the Smolensk Region and Special Economic Zones JSC. The document has been signed by Governor Alexey Ostrovsky and Deputy CEO Dmitry Golosov.

Based on the agreement signed at the Forum, cooperation of the parties will help promoting special economic zones in the Smolensk Region, as well as creating a congenial investment climate in the region as a whole. In particular, it is expected to establish the first special economic zone at Alfa Trans customs and logistics center (located in Stabna village of the Smolensk Region). The total investments in the project are expected to be nearly 3 billion rubles.

Creation of special economic zones (SEZs) is a large-scale project aimed at developing constituent entities of the Russian Federation by raising Russian and foreign investments in high-tech sectors of economy, import-substituting industries, tourism, etc.

The state grants each special economic zone an individual legal status, which gives a number of tax benefits and customs preferences to the investors. The most favorable business environment is also provided, including engineering, transport, social infrastructure facilities, which minimize investors’ own costs and allow to implement investment projects in the most efficient way.