VLADIVOSTOK: The total amount of declared investments of companies based in the Vladivostok free port area has surpassed $1.5 billion, the Far-East Development Corporation reports.
“In the period that the free port law has been active, the Far-East Development corporation has signed agreements with 39 companies that will create over 16,000 jobs in Primorsky Territory,” the corporation said.
Russian President Vladimir Putin signed legislation establishing the Vladivostok Free Port on July 13, 2015. The law, which came into force on October 12, 2015, allows for the establishment of special regulation procedures for certain industries in Vladivostok, as well as in over a dozen municipalities of the Primorsky Territory.
The development of Vladivostok as a regional center of international cooperation has also led to a spike in tourism flow.
On Friday, S7 Airlines operated its first flight from Vladivostok to Shanghai. Flights between the two cities will become regular, according to a Friday statement from the Vladivostok International Airport press service.
A free port has the right to perform duty-free import and export of goods and is excluded from the state customs territory. Vladivostok previously had this status between 1861 and 1909.
