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Ukraine's Cabinet of Ministers has approved the Act Development Plan required to ensure implementation of the Law of Ukraine “On specifics of investment activity in the Autonomous Republic of Crimea,” adopted by the Parliament in October 2013, the Information-Analytical Bulletin of the Cabinet of Ministers of Ukraine reports.
Experts say the resolution will help enforce measures aimed to promote investment activity on the peninsula.
They note that Crimea has a number of features associated with its administrative and territorial status, location, and resources, that determined the need for a separate Law.
The Cabinet and the authorities of the Autonomous Republic of Crimea hope to form favorable conditions for an integrated and balanced development of the Crime due to the mechanisms of the Law.
Speaking of the Crimea, experts note its unique climate and natural conditions. Accordingly, the Law stipulates that the priority areas for investing in the Crimea are the tourism industry, development of recreational potential, and creation of energy saving and environmentally friendly technologies.
Experts say that the region has a very high tourism potential. Over 11,500 monuments of history, culture and architecture, belonging to different historical eras, civilizations, ethnic groups and religions are registered in Crimea.
Experts note that over 90% of recreational facilities are concentrated on the narrow three-kilometer coastal strip. The Greater Yalta area is clearly overloaded, while the coast from Alushta to Feodosia is poorly mastered, but the least utilized is the East Coast: the Arabat Spit, the Kazantip Cape area, southern and western coast of the Kerch Peninsula.