Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Japanese, Turkish Firms to Invest in Car Parts Production

The supervisory board of the Tolyatti special economic zone approved plans for auto manufacturing projects submitted by two Japanese companies and a Turkish firm, the Samara region's government said in a press release, Interfax reported Wednesday.

The companies plan to organize auto parts production in the zone.

"One of the projects is that of Atsumitec Toyota Tsusho Rus, a joint venture between Toyota Tsusho and Atsumitec," the release said.

The second Japanese company is Hi-Lex Rus, a subsidiary of Hi-Lex Corp., while the third project belongs to Turkey's Orhan Holding.

"All three investment projects will work within the framework of the program to localize auto parts production for the biggest Russian auto plants: AvtoVAZ, Renault, Nissan, Ford, Toyota, Mitsubishi and others," the release says.

Samara region Governor Nikolai Merkushkin said "the implementation of these projects will help bring in an extra 2.5 billion rubles ($81.3 million) to the Samara region and create about 660 new jobs."

Taking into account the new investment, the number of occupants in the special economic zone will increase to 11, said Alexei Pakhomenko, the head of the local branch of the state company that runs special economic zones.

All three projects were approved and recommended for final authorization at the next meeting of the Economic Development Ministry's expert council on manufacturing zones.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more