"Virtual Stone" laid for new Titanium Valley in the Sverdlovsk Region
Investors, private businesses and the Russian government hope the new project will attract global companies and create thousands of high-tech jobs. Prime Minister Dmitry Medvedev said the government would explore its possible participation in Titanium Valley project, The Voice of Russia reports.
The Titanium Valley takes its inspiration from California's Silicon Valley, where Yekaterinburg's sister city, San Jose, is located. In order to reconcile the construction of a large industrial facility, Yekaterinburg is also promoting the arts in the area, with exhibitions of art objects created by Russian and American painters.
Titanium Valley is planned to be an epicenter for the building, mechanical engineering, aircraft construction, and chemical and pharmaceutical industry. The special economic zone will also be home to VSMPO-Avisma, the world's biggest producer of titanium alloys and supplier of components to Boeing and Airbus, according to The Voice of Russia.
"The Titanium Valley is one of the four industrial-type special economic zones in Russia which will pave the way for foreign high-tech companies to arrange their production in it," Artemii Kyzlasov, the general director of Titanium Valley Company, said, The Voice of Russia reports. "The special economic zone is called Titanium Valley because its basic partner is VSMPO-Avisma, one of the world's largest titanium producers. It's crucial for us to preserve this superiority which is enjoyed by Russia on the titanium market. Like any special economic zone, this project will stimulate economic development in the entire region."
Titanium Valley is expected to draw 50 residents who will guarantee 13,000 jobs. Investment in the project sits at more than $3 billion. Foreign residents at the Titanium Valley will enjoy such benefits as no taxes on imported equipment, housing benefits and social benefits for staff members. Additionally, tax benefits will be assured to participants in the special economic zone and the annual tax on property, land, transport and profits will be cut by 25 percent.
The facility will be larger than 600 hectares. Engineers are currently laying networks, constructing roads and creating factory and administrative space. Japanese businessmen have already shown interest in the space after a visit to the site in June. MPP Mashprom signed an agreement with Japan's Mishima Kosan and is planning to invest more than $8.5 million, The Voice of Russia reports.
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