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On 21 June 2012, the Ukrainian Parliament adopted the Law of
Ukraine "On Industrial Parks" (the
"Law"). The Law introduces in Ukraine
the concept of industrial parks and is intended to attract large
investors and advanced technologies to the country. The
establishment and development of the industrial parks is also
expected to improve the economy by creating new jobs and promoting
development of the Ukrainian infrastructure. The Law will come into
force one month after its official publication.
The Law defines an industrial park as an area designed for the
purposes of industrial development which members have properly
executed an agreement to operate in such park may carry out their
business activities in the industrial, research, information and
telecommunication fields.
The Law also aims at supporting companies managing industrial
parks by allowing them to obtain interest-free loans and
non-refundable financing out of the Ukrainian state budget. In
addition, supplies, materials and equipment which are not produced
in Ukraine and are necessary for designing the industrial park can
be imported in Ukraine free of import duty.
Moreover, the Law contains provisions regarding the formation,
functioning and liquidation of industrial parks on state-,
municipally- and privately-owned land plots and defines the
requirements for the land plots to be used for industrial park
purposes. In particular, such land plots must (i) be classed as
industrial land (with respect to designated purpose); (ii) be
suitable for industrial activities; (iii) be no less than 15 and no
more than 700 hectares; and (iv) if state or municipal land plots,
remain in use as an industrial park for no less than 30 years.
The Law introduces the concept of industrial parks as a
form of investment in construction and land development for
industrial, research, telecommunication and information activities
and outlines the key principles, conditions and procedures for the
creation and functioning of industrial parks in Ukraine. Such
concept should serve as an effective investment attraction tool for
territorial development.
This article was written for Law-Now, CMS Cameron
McKenna's free online information service. To register for
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give professional or legal advice. All Law-Now information relates
to circumstances prevailing at the date of its original publication
and may not have been updated to reflect subsequent
developments.
The original publication date for this article was
03/07/2012.
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