Boeing hasn’t settled on Titanium Valley

30 March 2011 (09:53)

Boeing has not made up its mind yet as to whether the company is going to become a resident of the special economic zone Titanium Valley in Sverdlovsk Region. Governor of Sverdlovsk Region Alexander Misharin presented the project’s potential to businesses in Yekaterinburg recently.

The special economic zone that is expected to house titanium goods production facilities for the needs of the aviation and medical industries will be located near Nizhniy Tagil and Verkhnyaya Salda.

Alexander Misharin reminded his audience that the valley residents would enjoy customs duties and VAT reliefs on the imported foreign goods as well as property tax and transport tax reliefs for the following decade. What is more, they would be offered preferential terms on the profit tax (this will come to 15.5%).

‘The zone resident is insured against any changes in the Russian Federation fiscal legislation for the entire term of the agreement, namely, for ten years,’ the Governor stressed.

‘We are learning to put our best features forward. What matters to us is making the best use of this year – providing the land allotment, finishing the design work, setting up a customs point to give our residents an opportunity to start working in Titanium Valley. We hope Boeing becomes one of the first investors in the zone,’ Misharin said in the course of the presentation.

The Governor says the airplane-building company and its partners have already expressed an interest in the project and are now looking into the economic expediency of joining it.

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