MOSCOW, July 13 (RIA Novosti) - The Federation Council, the upper house of the Russian parliament, approved a law on special economic zones in Russia Wednesday.
On July 8 the State Duma, the lower house of the Russian parliament, approved the law, which aims to establish zones in Russia to develop high-tech sectors of the economy, produce new types of goods and develop transport infrastructure.
"Judging by global experience, Special Economic Zones are one of the most effective and promising ways to maintain global competitiveness and develop the state's economic and scientific potential," chairman of the upper house's committee on economic policy Oganes Oganyan, who presented the document, said.
The senator said the law established the concept of a Special Economic Zone (SEZ) as a government-selected part of Russia's territory where a particular form of entrepreneurial activity is pursued. He said "industrial-production" and "technical-innovative" zones would be created.
Mineral resources production and metallurgic production are prohibited in the zones, as is processing minerals and scrap from ferrous and non-ferrous metals. The production and processing of goods subject to excise duties, excluding cars and motorcycles, is also banned.
Besides, the law stipulates that a resident company of an industrial-production zone should invest no less than 10 million euros. "A resident of a Special Economic Zone should invest no less than one million euros within 12 months of signing the contract," Oganyan said.
