Russian trade ministry signs special investment contracts with carmakers

The Russian Industry and Trade Ministry has signed special investment contracts (SPICs) with automobile companies Volkswagen, GM-Avtovaz, PSA, Volvo, Toyota and Avtotor, the ministry said in a statement.

“The SPICs that were signed will allow to attract over 100 billion rubles to the Russian economy in the form of private investment by the world’s leading automobile concerns and to localize the production of key elements: engines, transmissions and car control systems,” the statement quoted Russian Industry and Trade Minister Denis Manturov as saying.

According to the minister, the implementation of those contracts envisages both domestic supplies and exports of those products.

“As a result of implementing those projects, over 1,400 jobs in the high-tech sector will be created. The budgets of various levels will receive over 523 billion rubles,” Manturov said.