Federal Law on Priority Development Areas (No 473-FL) has come into effect today, March 30, 2015, say press center of the Ministry for the Development of the Russian Far East.
The Federal Law defines the legal status of priority development areas in Russia, as well as measures of state support and procedures for carrying out activities in such territories. The Law elaborated by the Ministry for the Development of the Russian Far East was signed by the President in late 2014.
The Federal Law defines priority development areas as part of the territory of a Russian Federation constituent entity where a special legal status is established for entrepreneurial and other activities with the aim of creating a favourable environment for attracting investments, ensuring accelerated economic growth and creating comfortable living conditions.
The creation of PDA infrastructure is to be financed by the federal, regional and municipal budgets, as well as from off-budget resources.
Under the Federal Law, PDAs can be created for 70 years in the territory of the Far Eastern Federal District, as well as in single-industry towns with the most complicated socioeconomic situation, within three years of the law’s enactment. After three years, PDAs can be created in other Russian Federation constituent entities. Ministry for the Development of the Russian Far East is the federal body authorized for establishment of PDAs.
In February, 2015, first working meeting of the Committee concerning the investment projects selected three PDA projects in the Khabarovsk Territory and in Primorje: Khabarovsk, Komsomolsk and Nadezhdinskoye.
In April, the Commission is supposed to discuss other areas in the Far East.