Article – Russia’s ‘Titanium Valley’ gains special economic zone designation10 February 2015
4 February 2015
According to a recent report from the Sverdlovsk Investment News, Russia’s “Titanium Valley” has received an incentive package that will enable it to be the site of a $1.1 billion (US) new technologies complex constructed by titanium manufacturer VSMPO.
Identified as a special economic zone (SEZ), the goal for Titanium Valley is to increase production of titanium products for aeronautical projects and other domestic and international use, thereby improving Russia’s economy. Titanium Valley will also increase the number of high-technology jobs available for Russians.
Sverdlovsk Region Gov. Eugene Kuyvashev has special control over the Titanium Valley economic zone. He believes that improving SEZs will, in turn, enhance developing economies in regions such as Nizhny Tagil and Upper Salda.
The Titanium Valley SEZ includes incentives and privileges in administration, customs, land use, taxes and industrial infrastructure that are all unique to the zone. The Titanium Valley’s tax status makes it especially appealing for corporate growth, as it protects the center from adverse alterations in Russia’s tax system.
Approval for the designation was given through a Sverdlovsk regional state examination.
Courtesy of Yekaterinburg News