On the President's order, the Ukrainian government is working out a new model of free economic zones, Vice Premier Borys Kolesnykov told a news briefing during his working visit to Donetsk, UKRINFORM reported.

He noted that the old law on free economic zones is no longer vital.

The Vice Premier emphasized that now it is necessary to do the utmost and outstrip other Eastern European countries and China by the volume of investments drawn in the national economy.

Earlier Vice Premier Volodymyr Semynozhenko declared coming restoration of the free economic zones destroyed in 2005, which caused a huge loss.

Over the 1999 - 2004 period 11 free economic zones were formed in this country, and a special regime of investment activity was introduced in 9 regions.

The 2005 national budget law lifted profit tax and VAT benefits in free economic zones and priority development territories.

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