Donetsk, Jun 20  — DAN. The law on a free economic zone in the new Russian regions will help them become self-sufficient and create a profit-making economy, deputy chairman of the parliament Committee on Economic Policy Artyom Kiryanov told the Donetsk News Agency on Tuesday.

“This economic zone is created until 2050 to enable the new Russian regions to quickly and effectively join the country’s economic processes, ” Kiryanov said. “There are many factors which will help launch this economic zone, create jobs and ensure new territories’ advance towards self-sufficiency and profit-making economy.”

The law envisions favorable treatment in urban development and land use. “If we see that investment projects participants need new facilities, we provide simplified procedures, free of charge or on lease without auctions, for the period of functioning of the free economic zone.” Of course, the document has provisions on special tax regime, insurance fees and subsidies to compenstate the interest rate on loans under investment projects, he said.

The State Duma lower house of the Russian parliament on Tuesday unanimously approved the law on a free economic zone in the Donbass Republics and the Kherson and Zaporozhye regions. The document came in force on the date of publication.*jk