Crimea wants Indian companies and entrepreneurs to invest and set up their businesses in the peninsula, its Deputy Prime Minister Georgy Muradov said on Thursday.
Crimea's strategic location in the Black Sea can help India to accelerate bilateral trade with Russia as well, he said.
Muradov, who is reportedly on a "working visit" to India along with his minister Irina Kivikov and other government functionaries, also said Crimea with the help of investment from Russia has made "tremendous" economic and social progress in the last few years.
Since last few years, the Republic of Crimea has made tremendous economic and social development with investments from the Russian Federation. Crimea is one of the Russian largest tourist hubs, Muradov said in his keynote address at an industry even here.
"The rapid infrastructure growth with social and economic development and the establishment of the innovative and investment-attractive economy has enabled the peninsular region of Crimea to become an important growth region of Russia," he said.
"Its strategic location in the black sea can help India to accelerate bilateral trade with Russia," he added.
The bilateral trade currently stands at around USD 11 billion. However, India and Russia are looking to increase it to USD 30 billion by 2025.
Crimea on Thursday also invited Indian companies and entrepreneurs to invest and set up their businesses in the peninsula, saying its government offers a host of economic incentives and benefits for the promotion of trade and industry.
"In 2018, Crimea attracted an investment of USD 290 billion. The government of Crimea is committed to attract investments in the Peninsula and is offering multiple incentives," Kivikov said in her address.
These include huge land tax and income tax benefits, she said adding, besides the thrust on start-ups and SMEs have helped the economy to grow rapidly.
"In the last five years, more than 1,200 investors have been registered in Crimea and have invested over USD 300 billion," he added.
She invited Indian businesses to establish their business operations in the free economic zone to take "advantage" of Crimea's progressive economic policies.
"One of the competitive advantages of the Republic of Crimea is a high level of diversification of the economy, which is widely represented by industry, agriculture and services," said Natalia Serova, Director of Southern Regional Export Support, Republic of Crimea.
"The tourism industry as a whole makes a significant contribution to our economy.
The establishment of three Indian tourist-friendly hotels is an important step to boost tourism from India. In addition to this, our government provides special incentives to women entrepreneurs," She said apart from tourism, the government has put a special thrust on pharmaceutical, heavy industries and logistics sectors as well, she added.
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