Titanium Valley SEZ project to be presented to EU, US companies

YEKATERINBURG (Itar-Tass) - The project the Titanium
Valley special economic zone (SEZ) will be presented to the leading
European and American companies. The US Consulate General organises in
Yekaterinburg on Thursday the presentation of the project for
representatives of leading international companies and financial
institutions - Citibank, the European Bank for Reconstruction and
Development (EBRD), Otis, Microsoft, Ernst & Young and a dozen others.
According to the government of the Sverdlovsk region, more than 60
companies have already expressed the desire to become residents of the
Titanium Valley.
Residents of the special economic zone will receive tax preferences
and will operate in the regime of free customs zone, which will makeit
possible to create favourable conditions for the breakthrough development of the facilities that will be located in the SEZ and give a fresh impetus to the implementation of innovative projects and create new jobs in various sectors of the Sverdlovsk regional economy. The SEZ residents will be exempt from property tax, land and transportation tax, income tax rate for them will be reduced from 20 percent to 15.5 percent.
Titanium Valley's residents will have the right to import foreign goods without customs duties and VAT.
Titanium Valley includes several groups of projects. First, the raw
materials base of the titanium production on the basis of the Kachkanar iron ore field, will be developing there.
But most importantly, the special economic zone will produce high value added products for chemical engineering, nuclear energy, aviation and railway engineering, ferrous metallurgy.
The resolution on the establishment of the Titanium Valley special
economic zone was signed by Russian Prime Minister Vladimir Putin on
December 16, 2010.