German vehicle producer Daimler will invest 15 billion rubles (about $250 million) in an assembly plant in Russia’s Moscow region, according to a statement from the Ministry of Industry and Trade (Minpromtorg).
The plant will produce premium class passenger cars and be completed by 2019. Daimler will localize welding, painting, and assembly of vehicles, as well as logistics in Russia.
"According to the contract, Daimler guarantees to invest at least 15 billion rubles in the project. The investment contract has been signed for nine years. The launch is scheduled for 2019; the plant's production capacity will be over 20,000 cars a year. The project will create more than a thousand jobs," Minpromtorg said in a statement.
Russia will contribute to the project by giving government support and will offer a favorable tax environment, the ministry added.
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