The government of Singapore is to play a key role in the development of Russia's Special Economic Zones (SEZs), which are designed to attract new investment in certain designated regions with the help of tax breaks.
Singapore's Minister for Trade and Industry Lim Hng Kiang is currently in Russia leading a delegation from the Asian city-state where a Memorandum of Understanding (MOU) on Economic Cooperation in Special Economic Zones between Russia and Singapore will be signed.
Under the MoU, Singapore will play an advisory role in the development of SEZs in Russia as well as share its expertise and knowledge in the development of industrial parks in Singapore and overseas.
The Kremlin is aiming to have the six SEZs operational by the end of 2007. Companies within the zones will be provided with customs and tax breaks for periods of up to 20 years.
Yury Zhdanov, the head of the agency overseeing the implementation of the SEZs has revealed to the Russian News and Information Agency that one zone will open in the Moscow region by the end of September. This zone already has two companies registered and a 20,000 square metre facility has been constructed.
The SEZs are aimed at attracting hi-tech industries, but there are also to be SEZs dedicated to the promotion of tourism and recreation.
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