The Russian government plans to create a special economic zone dedicated to titanium mining in the Urals Federal Distract. The USD 1.3 billion project will generate products for the shipbuilding, aircraft and automotive industries. With building infrastructure scheduled for next year, the economic zone will offer special benefits including customs privileges. The zone will create a new technological base for titanium manufacturer VSMPO-Avisma. Twenty other companies specializing in shipbuilding, power plant engineering and petrochemicals will participate in the project. VSMPO-Avisma has spent USD 700 million in modernization over the past few years and intends to invest another USD 500 million by 2015. Russia’s 16 current special economic zones, providing economic benefits to investors consist of two ports, two industrial zones, eight tourism zones, and four innovation zones.
