MOSCOW, December 27 (RIA Novosti) - The upper house of Russia's parliament approved the draft law on the special economic zone (SEZ) Tuesday for the Russian enclave on the Baltic Sea in the Kaliningrad region.
"It was developed to boost the social-economic development with account for the region's geopolitical situation," an MP said.
The document provides for the creating of a Special Economic Zone in the Kaliningrad Region for 25 years that would enjoy special legal status in business, production and investment. The draft law also outlines the key federal policy courses in relation to Kaliningrad. The SEZ would provide for the development of investment and competitive export-oriented production.
Under the draft law, a free customs zone will be established in the Kaliningrad Region.
The draft law was submitted to President Vladimir Putin for signing.
