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Vladimir Putin signed Federal Law On Priority Development Areas in the Russian Federation.
The Federal Law defines the legal status of priority development areas in Russia, as well as measures of state support and procedures for carrying out activities in such territories.
The Federal Law defines priority development areas as part of the territory of a Russian Federation constituent entity where a special legal status is established for entrepreneurial and other activities with the aim of creating a favourable environment for attracting investments, ensuring accelerated economic growth and creating comfortable living conditions.
In accordance with the Federal Law, a PDA is established for 70 years following a Government decision, and its term can be extended.
In particular, the Federal Law defines procedures for the creation and termination of a PDA, procedures for managing a PDA, the legal status of PDA residents, and particularities of work by regional and local authorities in such a territory.
Under the Federal Law, PDAs can be created in the territory of the Far Eastern Federal District, as well as in single-industry towns with the most complicated socioeconomic situation, within three years of the law’s enactment. After three years, PDAs can be created in other Russian Federation constituent entities.
December 29, 2014