Titanium Valley to receive federal money

16.11.2012 — News

SVERDLOVSK REGION

Construction of the first stage of the Titanium Valley special economic zone is scheduled for completion by 2015, at a cost of 16.4 billion rubles. A customs complex, fire department, roads, parking areas, and an administrative and business center will be built on 295 hectares near the town of Verkhnyaya Salda.

Currently, sites are being prepared for Titanium Valley's first residents, among which VSMPO-Avisma corporation is a prominent example. There are plans for five companies to be operating within the SEZ by 2015, and another twelve will be constructing their industrial venues. According to the plan, those firms will manufacture a total of 15 billion rubles' worth of products. The residents of Titanium Valley believe that the tax concessions they will be granted for locating their manufacturing facilities in this special economic zone will enable them to save up to 30%.

The regional government told RusBusinessNews that until recently, public money from the Sverdlovsk region has paid for the project. But after meeting with Governor Evgeny Kuyvashev on November 14, 2012, Russian President Vladimir Putin ordered the Russian Ministry of Economic Development to consider allocating more than three billion rubles to build infrastructure in the zone.

Titanium Valley is a special eсonomic zone for industrial and manufacturing businesses, offering a subsidized business environment for Russian and foreign entrepreneurs. More than fifty foreign and domestic firms have expressed an interest in this 150-billion ruble project, and half of these have already signed up to be included in the project once the infrastructure is up and running.

The Russian government made the decision to establish this special economic zone in December 2010. Titanium Valley is included in a federal register of programs intended to further the development of the Urals Federal District from now until 2020.