Russian President Vladimir Putin has introduced amendments into Federal Law on Special Economic Port Zones, Gudok.Ru informs referring to Kremlin press center. The State Duma (lower house of the Russian parliament) passed the final reading of a bill on the introduction of amendments to the Law on Special Economic Port Zones on October 11. The Federation Council ratified the bill on October 17. The document envisages the possibility of establishment and functioning of special economic port zones (Russian acronym POEZ) on the territories of international seaports, river ports, and airports.
The principal purpose of the establishment of POEZ is to create a competitive edge for Russian ports over Western ones. According to the bill, a Free Customs Zone treatment is to be established on POEZ territories.
This measure is intended to attract additional investments to the construction and reforming of ports. The document also provides for a decrease in rent payments for the use of land and production premises in the territory of ports, and the granting of various subsidies at the expense of budget resources, which in the end will make it possible to give a boost to foreign-trade activities and augment the volume of export.