Indian companies are also looking into obtaining a status of SEZ Lotos residents in the Astrakhan Region
In the course of his visit to India, Ilya Volynsky, Minister of Industry and Natural Resources of the Astrakhan Region, held a meeting with the head of the department at the Ministry of Commerce and Industry to discuss some strategic issues. The meeting revealed the interest of VVDN Technologies (electronics development and manufacture) and Federation of Indian Export Organisations (FIEO, set up by Indian Government in 1965) in partnership on cargo transportation by the North-South international transport corridor (North-Sever ITC), according to the press center of Astrakhan Region government.
The parties discussed the increase of Indian cargo flow by North-South ITC and considered the possibility of granting a status of SEZ Lotos residents to the Indian companies.
The regional government currently supports the potential partners and offers certain privileges including beneficial tax treatment.
Port-type SEZ in the Limansky District of the Astrakhan Region near Olya seaport was established on 7 November 2020 as part of comprehensive activities on development of cargo transportation by the International Transport Corridor “North-South”. The SEZ and the modern port will be the key point of the corridor’s Russian part. The anchor resident of the SEZ is PLC Caspiy LLC with its project on construction of a modern port with a container terminal. Total investments in to the project are estimated at over RUB 27 billion. The port’s annual throughput is to make about 8 million tonnes by 2031.