BMW may sign investment deal for Kaliningrad plant in 2-3 months

YEKATERINBURG, Jul 10 (PRIME) -- Germany’s BMW plans to sign a special investment contract to build a car plant in the Kaliningrad Region in the next two to three months, BMW Group Russia CEO Stefan Teuchert told reporters on Tuesday.

“We hope that this issue will be solved soon. This is an issue of the next two to three months, I suppose. But the date has not been set yet. We are still at a final stage of coordination, we are yet to pass a commission of the Industry and Trade Ministry,” he said.

He added that the company can sign the contract only after an interdepartmental commission of the government approves it.

BMW has not yet chosen the site for the plant, he added.

BMW has been assembling several types of its cars at Kaliningrad’s Avtotor since 1999. In 2012, the company and Avtotor started negotiations on a joint venture, but they broke down due to the 2014 economic crisis in Russia.

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