UrBC, Yekaterinburg, February 17, 2011. ‘The creation of Titanium Valley, a special economic zone, is a new development direction for Sverdlovsk Region. In fact, with a clever approach the Valley can serve as a great starting point for the development of the hosting area,’ President of Sverdlovsk Region Union of Industrialists and Entrepreneurs Dmitri Pumpyansky observed in the course of the union meeting.

‘It is however obvious that Titanium Valley gets no actual residents just yet: the conditions aren’t ripe enough, the infrastructure isn’t ready, the financing is still a dubious matter. What’s more, the land use terms matter, we can’t do without it. Not so many successful projects have been implemented in this country so far, but they are functional. For one, one can see in Lipetsk that quite a bit has been invested in the infrastructure, even though the place doesn’t get as many residents at the moment. At any rate, this is an operating zone,’ he added.

‘The important thing is that Sverdlovsk Region is already offering certain tax relief options for the residents of this economic zone. The absence of VAT is a must for importers. Any project needs a springboard, so the stone-laying ceremony set for March 2011 is more or less a nominal one,’ Pumpyansky said.