Vladimir Putin has signed Federal Law On the Free Port of Vladivostok, Kremlin press center says.
The State Duma of the Russian Federation passed the Federal Law on July 3, 2015. The Council of the Federation approved it on July 8, 2015.
The law regulates relations arising from the establishment and operation of the Vladivostok free port.
As defined by the law, the Vladivostok free port is a part of Primorye Territory covered by state measures to support business activity to attract investment in developing transport infrastructure, open and develop production facilities manufacturing competitive goods for the Asia-Pacific region markets, speed up socioeconomic development, and raise the living standards of the Far East residents.
Under the law, the free port is being established for a time-period of 70 years.
The law contemplates possible extension of this time-period as well as early termination of state support measures for business in the free port territory.