The RF government has approved the creation of a free economic zone in the Crimea. This was announced by Prime Minister Dmitry Medvedev.

"We need to move forward, the law to promote", - Medvedev said. "There (in the project. TASS) there are a number of questions, ideas, after which discussion can be implemented", he said.

"It could be done with the help of colleagues from the state Duma and in co-ordination with specialized agencies and the government, let's do this", - said the Prime Minister.

Exemption from part of the taxes

Investors in the free zone of the Crimea will be exempt from some taxes for up to ten years, said the Prime Minister.

"In a free economic zone for investors exempt from tax for a period of up to ten years depending on the category of taxes, and reduced administrative barriers", - said the Prime Minister.

In addition, he said, "in the Maritime harbours of the Crimea may be input modes of the free flag" and the so-called convenient port, which greatly simplifies customs procedures". According to the head of the government, all these measures are expected to stimulate business activity on the Peninsula, to attract investment in industry, transport, infrastructure, logistics, tourism and recreation areas and, of course, agriculture.

"As a result, the economy of the Crimea should receive additional resources for social development, improve the quality of life of our people", - Medvedev expects. The free economic zone "should contribute to the successful implementation of many projects incorporated in the Federal target program development of the Peninsula up to 2020", said the Prime Minister.

He demanded from the government in the shortest possible time to prepare all necessary regulatory framework under the bills on the special economic zone in the Crimea. According to Medvedev, the documents themselves about the establishment of a free economony on the Peninsula as soon as possible to present to the state Duma, as their training and so dragged out. The Cabinet when it is ready to work with members on amendments, he said.

The Peninsula has a huge economic potential, at the same time for several decades, he has been underfunded", - stated the head of the government. According to him, on the Peninsula not only needed public investment, and private investment, which is now "for obvious reasons difficult".

The prepared draft law on free economic zone include preferences, which will improve opportunities for investment, said Medvedev.