Transcarpathia FEZ sees $34 million worth of investments
6 September 2000, 20:00KYIV, Sept 6 - Investments in the Transcarpathian free economic zone have reached $34 million since the zone started operating two years ago, Deputy Chairman of the Transcarpathian Regional Administration Oleksandr Ledida said at a news briefing in Uzhhorod on Sept 5, Ukrainian News reported.
According to Ledida, the economic zone received $18.5 million in investments during the first eight months of this year, with most investments being in the form of equipment deliveries and raw material worth.$26.5 million and $2.6 million, respectively.
Ledida said that companies from 15 countries have invested in the FEZ, with the largest investors being Belgium ($12.8 million), Austria ($9.3 million), and Germany ($8.5 million).
The investment regime in the region was introduced with the law On Special Investment Operations in the Transcarpatрiaт Region, signed by President Leonid Kuchma on December 24, 1998.
The law provides for several tax breaks, including a maximum five-year exemption from import duty and VAT payments on imported equipment, and a two-year exemption from profit tax for new enterprises in which at least $250,000 have been invested.