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Russian Far East Vladivostok is chosen to be Russia's first free port
RUSSIAN President Vladimir Putin has announced during his state of the nation address that Vladivostok is to be the country's first free port in a bid to improve the Russian economy besieged by lower oil prices and sanctions from Western countries.
Starting in July, shippers will experience less onerous customs, port operators will be able to tap tax incentives and shipping lines will pay less to call at the far eastern gateway, according to The Siberian Times.
The move is seen as part of Mr Putin's broader attempt to forge closer ties with Asian countries, specifically China, as Russia grapples with severe sanctions from the US and the European Union over its involvement in Ukraine, reported Newark's Journal of Commerce.
The director of development agency Portnews, Nadezhda Malysheva, told the Siberian Times it would be better for Russia to extend the free trade zone status to all ports in Primorsky Krai, the maritime territory in the Russian Far East. The territory encompasses the Vostochny and Zurbino ports.Vladivostok container traffic handled by Fesco rose 10.4 per cent year on year in the third quarter to 138,784 TEU. The Russian transport group saw volume in the first nine months of the year at the port rise by 9.1 per cent to 349,309 TEU.
Starting in July, shippers will experience less onerous customs, port operators will be able to tap tax incentives and shipping lines will pay less to call at the far eastern gateway, according to The Siberian Times.
The move is seen as part of Mr Putin's broader attempt to forge closer ties with Asian countries, specifically China, as Russia grapples with severe sanctions from the US and the European Union over its involvement in Ukraine, reported Newark's Journal of Commerce.
The director of development agency Portnews, Nadezhda Malysheva, told the Siberian Times it would be better for Russia to extend the free trade zone status to all ports in Primorsky Krai, the maritime territory in the Russian Far East. The territory encompasses the Vostochny and Zurbino ports.Vladivostok container traffic handled by Fesco rose 10.4 per cent year on year in the third quarter to 138,784 TEU. The Russian transport group saw volume in the first nine months of the year at the port rise by 9.1 per cent to 349,309 TEU.
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