by Suman Gupta
“Since last few years, Republic of Crimea has made tremendous economic and social development with investments from the Russian Federation. Crimea is one the Russian largest tourist hubs. The rapid infrastructure growth with social and economic development and the establishment of the innovative and investment-attractive economy has enabled the peninsular region of Crimea to become an important growth region of Russia. Its strategic location in the black sea can help India to accelerate bilateral trade with Russia, “ said Mr. Georgy Muradov – Deputy Chairman of the Council of Ministers of the Republic of Crimea – Permanent Representative of the Republic of Crimea to the President of the Russian Federation in a Keynote Address at an interactive programme on ‘Doing Business with Republic of Crimea, Russia Federation’ organised jointly by MVIRDC World Trade Center Mumbai and All India Association of Industries in association with Consulate General of Russia in Mumbai and Southern Regional Export Support at WTC Mumbai.
Chief Guest, Ms. Irina Kiviko – Deputy Chairman of the Council of Ministers – Minister of Finance of the Republic of Crimea presented key economic facts of Crimea. She said, “In 2018, Crimea attracted an investment of USD 290 billion. The Government of Crimea is committed to attract investments in Crimea and is offering multiple incentives. These include huge land tax and income tax benefits. Additionally, the thrust on Start-Ups and SMEs have helped the economy to grow rapidly. In last 5 years, more than 1200 investors have been registered in Crimea and have invested over USD 300 billion.” She invited Indian businesses to establish their business operations in the Free Economic Zone to take advantage of Crimea’s progressive economic policies.
Ms. Natalia Serova, Director of Southern Regional Export Support presented the role of her agency in promoting commodities and services in international market as well as promoting Crimea as the favourable economic and geographical location to attract investment. She said, “One of the competitive advantages of the Republic of Crimea is a high level of diversification of the economy, which is widely represented by industry, agriculture and services. The tourism industry as a whole makes a significant contribution to our economy. The establishment of 3 Indian tourist-friendly hotels is an important step to boost tourism from India. In addition to this, our Government provides special incentives to women entrepreneurs.” She said apart from tourism the Government of Crimea has put a special thrust on pharmaceutical, heavy industries and logistics sectors.
