The Moscow Region's third SEZ to be opened in Fryazino

Russia's Prime Minister Dmitry Medvedev has signed a decree to create a special economic zone (SEZ) in Fryazino, a Moscow satellite town.

The Moscow Region's third SEZ to be opened in Fryazino

Russia's Prime Minister Dmitry Medvedev has signed a decree to create a special economic zone (SEZ) in Fryazino, a Moscow satellite town.

This SEZ of a technical and innovation type to be called "Istok" will be located based on JSC Research and Production Corporation "Istok" named after A.I. Shokin.

The purpose of the creation of Istok SEZ is to create appropriate conditions to conduct researches, create prototype models and manufacture high tech products in line with preset axes of technical, scientific and innovative activities.

The government's representatives noted that confirmations had been received from ten companies being potential residents of Istok SEZ acknowledging their readiness to launch investment projects in the zone to be fueled by total investments of at least RUB 48.5 billion.

The fact that the Greater Moscow Area's third SEZ would be created in Fryazino came to light in October 2015 when the Government of the Moscow Region forwarded its application to the Ministry of Economic Development and Trade of Russia. The SEZ is expected to attract more than 45 billion rubles to the Region's economy as early as at its initial phase, from 2016 through 2018. About 40 companies may have become Istok SEZ's residents by 2025.

The Moscow Region already has Dubna SEZ and Stupino Quadrate SEZ featuring Russian and foreign companies involved in high tech production and innovations among its residents.