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On February 5, 2016 Governor of the Ryazan region Oleg Kovalyov visited one of the largest industrial enterprises of the region — Ryazan Machine Tool Works.

According to the results of the visit, in order to improve the economic situation in the region an agreement to establish an industrial park on the territory of Ryazan Machine Tool Works was reached.

In the framework of the joint decision of the Ministry of economic development and trade of the Ryazan region, Ministry of industry of the Ryazan region, JSC Ryazan Region Corporation of Development and plant management, it was agreed to create an industrial park on the territory of the Ryazan Machine Tool Works. After going through the process of verifying the status of the industrial Park residents of the Park will receive state support in the form of tax privileges (reduced tax, reduced rates on property tax, reduction of the transport tax), public co-financing of projects and the subsidy for up to 15 years.

The industrial park will create an effective platform for sustainable long-term development of the industrial potential of the region,it will contribute to the creation of new jobs, reduction of import dependence and creating a comfortable business environment for investors.