Prospects for Creating United Preferential Regime Within the Territory of the Far Eastern Federal District

Abstract

Regional policy for the Far East in terms of accelerated economic development and improving the investment climate, is largely based on preferential regimes, which, due to the unique conditions of the Far East, offer unparalleled conditions for doing business. Some regimes have already demonstrated success, while others are just beginning to attract investor interest and have yet to impact the economies of their regions. Despite all the advantages and diverse incentives for businesses of various sizes and industries, there are also disadvantages, one of which is the complex system of government regulation, embodied in numerous multi-layered regulations that are constantly undergoing change. This shortcoming can confuse or even discourage potential investors, especially foreign ones unfamiliar with the Russian regulatory system. Due to the need to harmonize legislation and create the most favorable conditions for investment in the Far East, the issue of creating a unified preferential regime is being considered. This study analyzes the current policies of Far Eastern preferential regimes, conducts a comparative analysis of benefits, and offers recommendations for the concept of a new unified preferential regime for the Far East.