MOSCOW, October 16 (RIA Novosti) — Crimea guarantees investment security and calls on foreign investors, especially from China, to invest in the region, Sergei Aksyonov, the Head of the Republic of Crimea said at a press conference Thursday.
"An investment banking forum has been recently held in Yalta. I have personally guaranteed all the investors the security of investing in the republic," Aksyonov stated.
"Our legal framework is in formation. Once all the mechanisms start working, we will have investors," Aksyonov added.
According to Aksyonov, the Crimean authorities are now working on accelerating the process of starting new businesses in the republic.
He stated that Crimea was welcoming foreign investment, especially from China, as the region was about to become a special economic zone.
"We are considering different [investment] directions. First of all, the establishment of agricultural production. All the investors, including Chinese investors, are waiting for the adoption of the special economic zone law. The legal framework is under formation. This law will be passed this year, I'm sure," Aksyonov stated.
In late September, Alexander Basov, the head of the Crimean Chamber of Commerce, said that Chinese companies were also ready to invest in Crimea's hotel, gambling and agriculture industries.
Russia is expected to designate Crimea and Sevastopol as a special economic zone with tax breaks to attract investors. Crimea has already adopted the Russian ruble as its official currency.
Crimea reunified with Russia in March following a referendum on the region's status, with 96 percent of the voters being in favor of the move. The West has refused to recognize the results of the vote, calling it illegal. Russian President Vladimir Putin in a speech following the referendum stressed that it was held in full compliance with democratic procedures and rules of international law.
