The high-tech business park the Kremlin is setting up near Moscow as the Russian 'Silicon Valley' may get unprecedented privileges to expedite its development, a Russian business daily reported on Tuesday.
Russian President Dmitry Medvedev has instructed the government to work out a special investment-conducive regime for the high-tech research and production hub being built from scratch in the Moscow Region town of Skolkovo, Vedomosti reported.
Privileges may include tax holidays for 7-10 years. The government is discussing zero profit, property, land taxes and also reductions in social security tax payments, the paper said.
Innovative companies will get budget funds and priority in selling their products at state procurement tenders, the paper said.
Russia considers the development of the high-tech and innovation sector its top priority and has pledged billions of U.S. dollars for financing the sector which it hopes will end the country's dependence on raw material exports.
MOSCOW, April 6 (RIA Novosti)
