Economy
In 1996, Kaliningrad was designated a Special Economic Zone. Manufacturers based there get tax and customs duty breaks on the goods they send back to Russia. Although corruption was an early deterrent, that policy means the region is now a manufacturing hub. One in three televisions in Russia is made in Kaliningrad, and it is home to Cadillac, Hummer and BMW related car plants. Currently, Kaliningrad's major industries are manufacturing, shipping, fishing and amber products. Moscow has declared it will turn the region into "the Russian Hong Kong".
The European Commission provides funds for business projects under its special programme for Kaliningrad. The region has begun to see increasing trade with the countries of the EU as well as increasing economic growth and rising industrial output. With an average GDP growth of more than 10% per year for three years to 2007, Kaliningrad is growing faster than any other region in Russia, even outstripping the success of its EU neighbours.
Read more about this topic: Kaliningrad
Famous quotes containing the word economy:
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)