Russia extends special investment deals with car firms to 2033

MOSCOW, Feb 13 (PRIME) -- The Russian government has approved a bill on prolongation of special investment contracts with car producers until the end of 2033, the government said in a statement on February 11.

Under the special investment contracts, introduced in 2015, companies make investment in exchange for non-worsening of business conditions and tax preferences. The government signed the contracts with all the largest Russian and foreign car producers that have production sites in the country.

The Industry and Trade Ministry put forward the initiative of prolonging the mechanism until the end of 2033 in August 2022. The ministry said then that it would allow the companies to adjust the payback periods and improve stability of implementation of investment projects, raising investment attractiveness of the Russian car industry.

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