Russia to set up special economic zone in Caspian region

Russian Prime Minister Dmitry Medvedev signed Tuesday a resolution creating a special economic zone in the southwest region of Astrakhan, a move aimed at strengthening its economic position in the Caspian region.

The economic zone, located in the Narimanovsky District of Astrakhan, will receive at least 2.455 billion rubles (about 52.5 million U.S. dollars) for the necessary infrastructure from regional government.

The major aim of the zone, according to the government press service, is to enhance Russia's economic position in the Caspian Region and increase the country's share of shipbuilding and high- tech production on the world market.

The decision, it said, will create favorable conditions for building comprehensive facilities for the repair and maintenance of ships and attracting leading foreign enterprises in equipment manufacturing.

There are currently 17 special economic zones throughout Russia, specializing in industrial production, technological start-ups, tourism and port-and-logistic projects.

As of 2012, investors from 23 countries have participated in these projects with a total investment of 13 billion dollars.