Russian Prime Minister Dmitry Medvedev signed a Decree on the creation of a technology and innovation special economic zone (SEZ) ‘Istok’ in Fryazino (Moscow Oblast’), which is located 25 kilometers northeast of the city of Moscow.  The Decree can be found at http://publication.pravo.gov.ru/Document/View/0001201601080026.

Pursuant to the Decree, the Ministry of Economic Development shall sign a relevant agreement with the Government of the Moscow Oblast’, so as to create the said zone.

Technology and innovation SEZs are created for the purpose of hi-tech production development. ‘Istok’ has been created pursuant to the Federal Law “On special economic zones in the Russian Federation”, which, among other things, provides for the procedure of becoming a resident of a SEZ. Residents of SEZs enjoy a number of tax and customs preferences.

Currently there are two SEZs in the Moscow Oblast’. ’Dubna’, a technology and innovation SEZ, is already operative. An agreement on the creation of ‘Stupino Quadrat’, an industrial and production SEZ, was signed in September 2015.

‘Istok’ will be created within the boundaries of the land plot owned by JSC "Research and production corporation Istok’’ named after Shokin (key project member), as well as on adjacent land plots.

According to the Russian Government, the creation of ‘Istok’ will attract RUB 45 billion of investment in 2016-2018, and more than RUB 50 billion of investment in 2019-2025. It is planned that more than 50 companies will become residents of ‘Istok’ by 2025.