The Economic Development Ministry on Wednesday approved plans by Spanish company CIEAutomotive to build a car-parts plant in the Samara region, with construction set to get under way in 2014.
It will be built in a special economic zone in the car-producing hub of Tolyatti and will require investments totaling 1.9 billion rubles ($58.8 million), Itar-Tass reported.
Production should start in the third quarter of 2015 and by 2017 the plant is expected to manufacture 6,500 tons of parts per year.
At first, CIEAutomotive will produce components for the AvtoVAZ-Renault-Nissan joint venture, but later it will establish business contacts with other car manufacturers, said Mikhail Trushko, head of state company Russian Special Economic Zones.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
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 every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
