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  Monday, December 9, 2019
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The Kaluga Region, to the southwest of Moscow, has concluded
The Kaluga Region, to the southwest of Moscow, has concluded two investment agreements worth over $50 million.

The first agreement stipulates the construction of a Magna plant to produce assembly parts for a Volkswagen factory in the same region.

Maxim Shereikin, the Kaluga Region economic development minister, told journalists the construction of the plant was due to be completed in 2010, adding that 20 million euros ($26.1 mln) would be invested in it. The plant is expected to provide 150 work places.

A Volkswagen representative said the Magna plant would not be the only factory to produce automobile assembly parts in the Kaluga Region.

The second investment agreement has been signed with the GE Rus company on the construction of a plant for the repair and maintenance of turbine power sets. The plant is expected to be put in operation in 2010 with some $35 million expected to be invested in the factory.


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