The first phase of a Chinese-funded economic and trade cooperation zone that has gone into operation in Russia’s Ussuriysk will simplify trade procedures.
The zone, located in the city of Ussuriysk near the border of Heilongjiang Province in northeast China, is one of six zones to be established in foreign countries — the others are Zambia, Mauritius, Thailand, Pakistan and Cambodia.
The Ussuriysk Economic and Trade Cooperation Zone, approved by Russian and Chinese commercial authorities, covers 2.28 million sq meters.
More than 60 large and medium-sized domestic and overseas companies specializing in a large variety of manufacturing and processing industries, including shoes, apparel, timber, household appliances, automobiles and components, are expected to set up offices and plants in the zone.
Companies in the zone will enjoy preferential tax policies and comprehensive legal and logistics services including business registration, customs and land procedures and visa applications.
The first phase costing RMB400 million ($53 million) has seen production lines of six Chinese enterprises go into full operation, making shoes, wood and furniture.
Source: China.Com