Dagestan allowed to have its own territorial development zone
Makhachkala, December 28, 2016. At the regular sitting of the Government Commission on the socio-economic development of the North Caucasian Federal District, held December 27, the Russian Prime Minister Dmitry Medvedev voiced the information on the Decree allowing the country's 20 regions to create spatial development zones.
In accordance with the Decree dated December 21, 2016 №1415, the Russian Government expanded the list of regions allowed to have their own territorial development zones with six North Caucasian republics, including Dagestan.
The territorial development zones are expected to reduce the differences in social and economic development entities by creating favorable conditions for attracting investment in their economies.
Special legal status of the territorial development zones will provide the residents of the zone with certain tax benefits and credits, budget allocations for the implementation of investment projects in the area of territorial development, land lease preferences, as well as contribute to the capital construction of energy and transport infrastructure facilities necessary for the implementation of entrepreneurial activity.
In turn, the creation of territorial development zones in the Republic of Dagestan will attract investment into the economy of the region, create conditions for business development and new jobs and expand the possibilities for the development of municipalities. The formation of the territorial development zones in the Republic of Dagestan is expected to result in the modernization of regional economy and improving people's quality of life.