Alabuga (economic Zone) - History

History

Russian Government decided to establish special economic zones in Russia in order to provide the most favorable conditions for investment projects for both national and international companies in 2005. The decision to establish a special economic zone in the Republic of Tatarstan followed a contest organized by the Ministry of Economic Development and Trade. Tatarstan is one of the most economically developed and politically stable regions in Russia. Located in the heart of a massive industrial area, where oil extraction (Tatneft), crude refining, petrochemistry (Nizhnekamskneftekhim, Kazanorgsintez, Nizhnekamskshina and others), machinery manufacturing (KamAZ, Sollers) and aircraft production are well developed. In the year of 2006 the construction works on the territory of the SEZ began. On the 7th of June, 2007 Minister Mentor of Singapore Republic Lee Kwan Yew, who is rightfully considered to be a father of Singapore economic miracle visited SEZ “Alabuga”. He noted: “I am surprised by the significant progress of SEZ in just one year. It shows promise of growth and progress”.

Grand Opening of the SEZ Alabuga was held on 20 November 2007. The ceremony was attended by the Chairman of the Russian Federation Government Sergey Ivanov, the Minister of Trade and Economics Elvira Nabiullina, President of the Republic of Tatarstan Mintimer Shaymiev and Prime Minister of Tatarstan Rustam Minnikhanov. On 28 May 2008, the Chairman of the Russian Federation Government Vladimir Putin visited the SEZ. He noted: "The Special Economic Zone was created and started working in two and a half years with all the previously achieved agreements being realized here defacto".