The legislative assembly of the northwest Russian Leningrad Region has adopted a law on state support to companies operating in the regional industrial and technology parks.

The law defines the main terms (industrial park, technology park and resident) and state support measures.

It provides for regional budget subsidies for covering the cost of production and marketing of goods, work and services, lowering the profit tax to 13.5% and exempting industrial zone residents from the property tax.

The region’s administration plans to establish such parks in every municipal district for implementing various investment projects.