The economy of Magadan is mostly reliant on the mining of minerals, like gold, silver and tin. Hence in 2005, President Vladimir Putin has supported reducing tax for businesses involved in mineral mining. Another major industry in the area is fishing. There are limited rearing of animals or growing of crops because of the climate. This results in having to bring in food products to supply the people living in Magadan. Many people in the area do not have jobs. This is because a lot of companies have closed down due to the harsh climate and the poor condition of buildings and equipment. The government has allowed for the Special Economic Zone in Magadan to be created and extended till December 31, 2025. This was done to attract investors and business to come to Magadan.