Russian president Vladimir Putin has signed a law regulating relations arising from the establishment and operation of the Vladivostok free port.
As defined by the Russian law, the Vladivostok free port is a part of Primorye Territory covered by state measures to support business activity to attract investment in developing transport infrastructure.
The law aims to open and develop production facilities manufacturing competitive goods for the Asia-Pacific region markets, and speed up socio-economic development, and raise the living standards of the Far East residents.
Under the law, the free port is being established for a time-period of 70 years.
The law contemplates possible extension of this time-period as well as early termination of state support measures for business in the free port territory.