investments), the USA Ц US $ 49 millions (16.9 %), Cyprus Ц US $30.6
millions (10.6 %), United Kingdom Ц US $ 21 million (7.3 %), Switzerland
Ц US $16.4millions (5.7 %), Greece Ц US $ 13.2 million (4.6 %).
The main investors to the regional economy in 2002 were entrepreneurs
from Cyprus Ц US $14.3 millions, Virgin Irelands (Great Britain) Ц US $
13.2 millions, the USA Ц US $6.2millions, Switzerland Ц US $ 3.8
millions, Lebanon Ц US $ 3 millions, United Kingdom Ц US $ 1.9 millions,
Hungary Ц US $ 1.5 millions, Netherlands Ц US $ 1.3 millions, Turkey Ц
US $0.9millions, Israel Ц US $ 0.7 millions.
Food and food processing industry US $ 6.2 millions, trade Ц US $ 5.6
millions, transport facilities, cargo reloading in regional ports Ц US $
13.7 millions, finance consulting and other commercial services Ц US $
5.6 millions, construction and real estate activities US $ 0.4 millions,
industry (without food industry) Ц US $ 4.6 millions, oil refinery US $
Free Economic Zones
There are two free economic zones in Odessa region: УPorto-FrancoФ and
УReniФ. Below is a short description of the zones. For more information
about activity in the zones, interested parties should contact local
government departments and agencies or local consulting and law firms.
SPECIAL (FREE) ECONOMIC ZONE УPORTO-FRANCOФ
Location, area: Odessa, 32,5 hectares
Term of action: 25 years
Effective from: January 1, 2000
Legal basis: laws of Ukraine no. 1607 of march 23, 2000 Уon special
economic zone УPorto-FrancoФ in the territory of the Odessa sea
commercial portФ and no. 1608 of march 23, 2000 Уon amendments o some
legislative acts of Ukraine on taxation in connection with creation of
special (free) economic zone Уfree portФ in the territory of the Odessa
sea commercial portФ.
Priority types of economic activity: servicing of transits, their
storage, grading and assortment work, packing, revision, rendering
transport-forwarding and agentТs services.
Privileges granted to investors:
- special custom regime;
- during the first 3 years the income tax rate Ц 0%, from fourth to
sixth year Ц 50% of the current rate;
- exemption from investment tax: the investment sum obtained in
accordance with the investment project is exempted from taxation;
- earnings in foreign currency are exempted from compulsory sale.
Special conditions in which investors receive privileges: realization of
investment projects at the estimated costs not less then usd 1 mln
created by the legal persons in the territory Уfree portФ on the ground
of the agreement (contract) with the body of economic development of the
SPECIAL (FREE) ECONOMIC ZONE УRENIФ
Location, area: Odessa, 94 hectares
Term of action: 30 years
Effective from: january 1, 2000
Legal basis: laws of Ukraine no. 1605 of march 23, 2000 Уon special
economic zone УReniФ and no. 1606 of march 23, 2000 Уon amendments o
some legislative acts of Ukraine on taxation in connection with creation
of special (free) economic zone УReniФ.
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