October 12, 2008

Foreign carmakers invest USD 1.8 billion in Russia in 2007

RIA Novosti reported that foreign investment in car production in Russia will exceed USD 1.8 billion in 2007.

A report from Russian economics ministry said that "In 2007, the ministry signed 13 investment agreements under production contracts with foreign companies, leading global carmakers and Russian producers of cars and auto components, such as Peugeot, Citroen, Suzuki, Hyundai, Severstal-Avto and Toyota.”

Some of the major investments are as under
1. Germany's Volkswagen opened a car assembly plant in the Kaluga Region in November 2007
2. Japan's Toyota launched a plant near St. Petersburg in December 2007
3. Japan's Mitsubishi Motors signed a contract last week with Russia's economics ministry to invest USD 200 million in building a car factory in the Kaluga Region.