Itar-Tass quoted an official at the Russian Cabinet of Ministers said about RUB 280 billion will be invested in the development of Russia’s car-making industry before 2013.

The official said the government strategy aimed at the development of the car industry in the period up to 2020 envisions that the biggest investments will be made before 2014.

The official said “We should start investing in the industry just now, if we would like to get the mapped-out goals by 2020. Based on the aforesaid facts, the current year is the start-up period.”

The official said “Proceeding from out estimates, overall expenditures of major market players will make up RUB 55 billion in 2010, including roughly RUB 20 billion to RUB 24 billion from budget. In 2011, total investments will reach RUB 135 billion including RUB 39 billion from the budget. And in 2012, the indicators will amount to RUB 40 billion and RUB 44 billion respectively.”

(Sourced from Itar-Tass)