4 Feb 2022 10:40

Russian govt expands allowed activities in special economic zones, includes methane, LPG

MOSCOW. Feb 4 (Interfax) - The Russian government has approved changes to the bill on Special Economic Zones (SEZ) to expand the list of allowed types of activities in them related to products subject to excises to include production and processing of methane and liquefied petroleum gas (LPG), the Economic Development Ministry said following a government meeting on Thursday.

The bill also proposes to combine industrial production and technology and innovation types of SEZs, and to simplify a number of procedures for SEZ residents.

"The process of obtaining status will be accelerated and the approval process will be simplified for future SEZ residents. When applying for residency status, companies will be able to replace a business plan with a simpler form - an investment project data sheet, where all the information needed to make a decision will be visible," Economic Development Minister Maxim Reshetnikov was quoted as saying in the press release.

Under the bill, candidates for residency will be considered by regions without the involvement of an expert or supervisory council. "This flexibility of the mechanism will make it possible to make a decision on an investor in 15 days instead of the current 40," the ministry said.