China Ready to Invest in Crimean Infrastructure, Hotel Industry

China is ready to invest in Crimean infrastructure, head of the Crimean Chamber of Commerce said

China is ready to invest in Crimean infrastructure, head of the Crimean Chamber of Commerce said.

SIMFEROPOL, September 25 (RIA Novosti) – China is ready to invest in Crimean infrastructure, housing services, gambling and hotel industry, Alexander Basov, head of the Crimean Chamber of Commerce, said Thursday.

“They are interested in infrastructure – roads, utility systems, housing services, they are very interested in MSW [municipal solid waste]. They are very interested in Crimea as a transit corridor for delivery of goods to Europe as the route will be shorter by 2,000 kilometers [1,200 miles] then,” Basov said.

The head of the Crimean Chamber of Commerce expressed his belief that Chinese investors will “enter Crimea as soon as the law on special economic zone is adopted,” which is possible in October.

Chinese companies are also ready to invest in the hotel industry, gambling and agriculture in Crimea, Basov added.

Russia is expected to designate Crimea and Sevastopol as a special economic zone with tax breaks to attract investors. Crimea has already adopted the Russian ruble as an official currency.

In March, Russian Prime Minister Dmitry Medvedev proposed a sweeping development program to improve the lives of Crimeans, ranging from revamping the region’s healthcare and education system to boosting its ailing economy.

Crimea, previously an autonomous republic within Ukraine, refused to recognize the legitimacy of the government in Kiev which seized power as a result of a coup in February, instead rejoining Russia following a referendum on the issue.

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