Some Aspect of Legal Regulation of Special Economic Zones in Russia

Yu.A Tarasova,S.A Kozhevnikova,T.S Bobkova,O.G Porunova,V Mantulenko

doi:10.1051/shsconf/20197104003

Yu.A Tarasova, S.A Kozhevnikova + Show 3 more

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https://doi.org/10.1051/shsconf/20197104003

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Abstract

The authors analyze the Russian and international experience of functioning of territories with special legal status. The multiple advantages of establishing and developing of such territories in the country in the short-term and long term are noted. On the basis of the analysis of the Federal Law “About special economic zones in the Russian Federation” and the other normative legal acts, the advantages and the shortcomings of the legal regulation of the creation, management and closing of the special economic zones are revealed. The factors defining a set of privileges for the foreign investors in various territories with special legal status and also the conditions of the effective work of the special economic zone of industrial and production type are considered. The authors support their analysis of the legislation with the description and comparison of economic indicators of work of two special economic zones of industrial and production type in the Volga Federal District. The authors also consider jurisprudence on the controversial issues arising in the connection with the establishment of special economic zones. The article comes to the end with the consideration of possible prospects of the territories with special legal status transformation.

Highlights

The Special Economic Zones (SEZ) as the tools of attracting foreign investments are widespread
We examined the substantial points of SEZ legislation in Russia, compared them with the ones in the Republic of the Philippines legislation on SEZ
We looked into the realization of SEZ legislation on the example of the two zones of the same type in two different regions of Russia

Summary

Introduction

The Special Economic Zones (SEZ) as the tools of attracting foreign investments are widespread. Since the early 1970s, special economic zones have been established in East Asia and Latin America to attract investment in labour-intensive production These zones have become the cornerstone of trade and investment policies in countries that abandon import substitution policies and seek to integrate into global markets through export-oriented growth policies. In Russia, the creation of special economic zones is a large-scale federal project aimed primarily to attract direct Russian and foreign investments in high-tech sectors of the economy, import-substituting industries, shipbuilding and tourism. The advantages of these territories are the special regime of business activity and the possibility of implementing the regime of a free customs zone [4]

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