In a bid to boost trade and support the wider economy, Russia’s Vladivostok has been chosen as the nation’s first ‘free port’.
The Siberian Times reported Russian President Vladimir Putin’s announcement that Vladivostok is to become a free port by July, 2015.
Under its newly acquired status, port operators can expect to see tax incentives, less strict customs regulations, and a lower cost for ships berthing at the port.
Mr Putin continued by saying that, due to the recent economic growth in the far eastern parts of Russia, it is necessary to pay more attention to its ports.
According to recent figures released by the Russian Association of Commercial Seaports, far eastern ports handled 135.5 million tonnes of cargo in the first 10 months of 2014.
The region is also strategically placed to aid the President’s hunt for new stronger ties with Asian nations, particularly China.
Vladimir Putin said: “Russia has a high potential as a major power in the Asia-Pacific region. I propose to give to Vladivostok the status of free port with an attractive easy customs regime. Let me remind you that this is available in respect of Sevastopol and other ports of Crimea.”
Following the Vladimir Putin’s announcement, officials will draw up a plan to facilitate the new customs regime.
Vladivostok to Become Russia’s First ‘Free Port’. (Source: Dredging Today)