Chechnya and Ingushetia to become special economic zones

The oblasts of Smolensk and Chelyabinsk, Trans-Baikal Krai, Karachay-Cherkessia and Chechnya will soon boast their own special economic zones. Russia has a total of 30 offshore zones at the moment, the Ministry of Economic Development says.

20 more regions want to create their zones too. Some have already received a positive response from the president or the government. Bids of 12 more regions have almost been processed. The zones grant their territories customs relief and beneficial taxing.