MOSCOW, Oct. 3 (Xinhua) -- Russian Prime Minister Dmitry Medvedev on Monday signed a government decree on the establishment of four Advanced Development Territories in the country to boost economic growth, according to a statement published on Russian government website.
Overall 20 billion rubles (350 million U.S. dollars) of investment to these regions is expected to be attracted in the coming 10 years due to the establishment of such territories, the statement quoted Medvedev as saying.
The four territories are Mordovia, Udmurtia, the Yaroslavl Region and the Saratov Region. The authorities of these four regions had already signed over 30 agreements with investors, Medvedev said.
"This is a government decree about the creation of four new territories undergoing accelerated socioeconomic development," he noted.
Advanced development territories are aimed at improving living standards, creating jobs, and attracting Russian and foreign investors. According to the Federal legislation, the territories will retain their status for 70 years with possible extension.
The Law on Advanced Development Territories came into force in spring of 2015. Initially it was planned to set up such territories only in Russia's Far East but later expanded to other regions of the country.
