Russian officials proposed a plan to revive economies in Russia's Far East that involves the start of a corporation partially exempt from federal legislation.
The bill creating the corporation, nicknamed "Far Eastern Republic," has been finalized by the Economic Development Ministry and filed with other ministries for approval, RIA Novosti reported Friday.
The corporation, which covers 16 regions in Russia, primarily in the depressive eastern Siberia and the Far East, will be able to distribute mining licenses, bypassing state authorities, which are mandatory in other parts of the country.
It will also receive tax breaks and shares of other state companies as investments. Company employees will receive relocation grants and foreigners will be granted softened visa plans, both measures requiring the amendment of federal laws.
Officials haven't said who will head the company but Prime Minister and President-elect Vladimir Putin said at a recent governmental meeting that any of the people present, including First Deputy Prime Minister Igor Shuvalov and Regional Development Minister Viktor Basargin, can become the director of the corporation, an official said.
It wasn't reported when the legislation would be approved.