State Duma passes the bill "On the Free Port of Vladivostok" in third reading
On July 3, 2015, the State Duma of the Russian Federation passed the bill "On the Free Port of Vladivostok" in the third reading, says press center of the RF Ministry for the development of the Russian Far East.
The Bills are to be forwarded to the Federation Council now. The Bills are subject to final approval of RF President.
The Law becomes effective in 90 days from its signing by RF President. “We have asked for the extension of this term to have time for approval of necessary legislative acts,” said Alexander Galushka, RF Minister for the development of the Russian Far East.
With the newly introduced amendments the Free Port zone is to cover 15 municipalities.
The proposal to give the status of the Free Port of Vladivostok with an attractive, easy customs regime was announced by Russian President Vladimir Putin in his annual Presidential Address to the Federal Assembly in December 2014. In April this year the President also drew attention to the need to expedite the appropriate amendments to the legislation.
According to the law drafters, the adoption and implementation of the bill on the establishment of the Free Port will help increase the gross regional product of Primorsky Krai by 1.7 times on 2015 figures to RUB 1.106 trillion by 2021, by 2025 – to RUB 1.402 trillion (an increase of 2.2 times), by 2034 - 2,157 trillion rubles (3.4 times from 2015). GRP growth of Primorsky Krai will be 470.1 billion rubles in 2021, 766.2 billion rubles - in 2025, 1.521 trillion rubles - by 2034. Besides, the port will help create news jobs – 84,700 by 2021, 108,000 - in 2025, and at least 468,500 jobs in 2034. As a result of the project, GRP of the Far Eastern Federal District is expected to soar 34% to RUB 1,97 trillion in 2025.
The State Duma of the Russian Federation passed the bill "On the Free Port of Vladivostok" in the first reading on June 19, 2015 and considered it in the second reading on June 30.
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