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Two new large automobile projects launched in Petersburg
14th June, 2006
Two new large automobile projects will be launched in the course of the 10th Petersburg Economic Forum, which opens here on Tuesday. The foundation will be laid on Tuesday for a General Motors plant, which is to be put up near the city, and an agreement on the construction there also of a Nissan automobile assembly factory will be signed simultaneously with this.
St.Petersburg has allotted a 94-hectares plot to the General Motors Company in the Shushary industrial zone, next to the site where the Japanese Toyota Company had begun to build its plant in June 2005. At the initial stage, the General Motors plant is planning to manufacture three modifications of its automobiles. Its annual output will initially equal to 25,000 automobiles. The company is expected to invest in the project more than 115 million U.S. dollars at the initial stage and to eventually double this figure.
The implementation of this project will provide the city with seven hundred additional workplaces. The St.Petersburg city government has bestowed the status of strategic investor on the General Motors Company. It will be granted a standard set of tax privileges and preferences, which is usually guaranteed to all the major investors. The agreement on this project obliges the city to carry out the engineering preparation of the site for the construction of the automobile plant.
As to the Nissan Company, a preliminary agreement on the construction of its plant was achieved last spring. The terms of the project were not published up to now. They will be most likely announced on Tuesday during the signing of the final contract.
There is also a Ford Automobile Plant not far from St.Petersburg.
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