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Putin Signs Law Concerning Vladivostok Free Port

President Vladimir Putin signed the Federal Law Concerning Vladivostok Free Port, reported the press service of the head of the state.

The Federal Law is designed to legal regulation of relations associated with creation and operation of Vladivostok Free Port. Vladivostok free port implies a part of the Primorsky region territory within which measures of state support of entrepreneurial activity are taken to attract investments in development of transportation infrastructure, production creation and development aimed at manufacture of goods able to meet competition with those produced in countries of the Asian and Pacific Rim, acceleration of social and economic development and raising of living standards in the Far East.

The Federal Law states that the Vladivostok Free Port will exist for 70 years. In addition, a possibility both to prolong the period and to stop granting state support of entrepreneurial activity within its territory is provided for under the Federal Law.

Creation (modernisation) of infrastructure within the territory of Vladivostok Free Port is financed out of non-budgetary sources with the application of state and private partnership mechanisms, as well as according to the procedure specified by budget legislation.

The Vladivostok Free Port is governed by a supervisory board, a federal executive body performing functions of coordinating activities associated with implementation of state programmes and federal target-oriented programmes within the territory of the Far Eastern Federal District (authorised federal body), as well as a management company determined by the government in accordance with Federal Law Concerning Territories of Outpacing Social and Economic Development in the Russian Federation or its subsidiary companies.

The Federal Law also provides for special way of governing property, land, urban planning and other relations, lower insurance payments to state non-budget funds, as well as for a special way of state veterinary, sanitary and quarantine, state phytosanitary control (supervision), state supervision with regard to food, materials and goods quality and safety assurance, customs regulation, state and municipal control over medical, educational and other kinds of activities within the territory of the Vladivostok Free Port.

The Law Concerning the Vladivostok Free Port was adopted by the State Duma on July 03, 2015 and approved by the Council of the Federation on July 08, 2015.

July 13, 2015, RBC

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