Free Economic Zone in Crimea Attracts Investment From China, Israel, Turkey

MOSCOW (Sputnik) — A free economic zone in Crimea, due to be launched in March, will attract new investment in the region, and businesses will be secure and profitable, permanent representative of the Crimean Republic to the president of Russia Georgy Muradov told Sputnik.

"Our president adopted the law, according to which Crimea will be a free economic zone. It gives an impulse to the business community to invest more and more resources into the development of Crimean Peninsula, and it will be very profitable business," Muradov said.

Muradov added that many foreign companies have already invested in the region's development, including Turkish, Israeli, Chinese, and even western European firms, despite the EU sanctions prohibiting them from doing business in Crimea due to Russia's alleged involvement in the Ukrainian affairs.

"We have many investors – especially from Turkey, from China, from Israel, from even West European countries – which are coming to us, independently from the sanctions. They invest through other companies and have big profits working in Crimea," Muradov said.

The official highlighted that Crimea, as part of Russia, participates in various international projects.

"There will be a big exhibition in Saudi Arabia in March. We shall take part in it. It will be a so-called 'road show'… We also plan […] contacts with different business structures and corporations of China," Muradov said.

After Crimea rejoined Russia following a March 2014 referendum, President Vladimir Putin signed a law on the establishment of a free economic zone in Crimea and the federal port city of Sevastopol.

Large investors will receive additional tax incentives, including duty-free import of goods and equipment.