Russia to sign special invest contract with Hyundai before Dec

NEW DELHI, Oct 5 (PRIME) -- The Russian government plans to sign a special investment contract with South Korean car manufacturer Hyundai before December, Industry and Trade Minister Denis Manturov told reporters on Friday.

When asked whether the ministry expected to sign the contract before December, he said, “I think yes.”

“There are no technical problems for that, but there are some organizational procedures and formalities there. Still, our colleagues did a great job together with our specialists. I think that we will finish the job in a month and ensure the signing,” he said.

Hyundai applied for a special investment contract in June. The company plans to build an engine plant in St. Petersburg with an annual capacity of 150,000 cars in three years, and to invest about 27 billion rubles into the plant.

(66.2115 rubles – U.S. $1)

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