Ukraine seeks a fiscal paradise in the Serpent's Island and hopes to create at least 70 jobs

Miercuri, 19 noiembrie 2008, 13:48 English | Regional Europe

Several months before a final court decision to rule in the dispute between Bucharest and Kiev on the delimitation of the maritime borders in the Black Sea and the ownership of the Serpent's Island, the Ukrainian government approved a draft law ruling the creation of a fiscal paradise on the Island, Ekonomicheskie izvestia informs. The move is another attempt of Ukraine to ignore the existent trial at the International Court of Justice.

According to quoted sources, the area will be created for 30 years, and the total surface calculated is of 20,5 acres. The island will host investments in tourism and entertainment, fishery industry, communications, transports or production.

According to some preliminary data of the Ukrainian government, the first ten years of functioning will allow the creation of some 70 jobs on the island. A final decision regarding the international dispute will be taken next year by the International Justice Court in Hague.