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Russian government seeks foreign investment for auto industry

© RIA Novosti . Yury Strelets / Go to the photo bankRussian government seeks foreign investment for auto industry
Russian government seeks foreign investment for auto industry - Sputnik International
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The Russian government will consider a new plan to attract more foreign investment to the country's ailing auto industry on March 4, a respected business daily said on Tuesday.

The Russian government will consider a new plan to attract more foreign investment to the country's ailing auto industry on March 4, a respected business daily said on Tuesday.

Vedomosti referred to a document by Russia's trade ministry that says by 2015 the Russian car market will find its way out of the economic slump and increase annual output to 3.15 million vehicles by 2020.

However, this will need heavy investment of over 620 million rubles ($20.7 million) from the state, with some 225 million rubles to be pumped in as early as 2011-2012.

Sales of new cars in Russia plummeted 49% in 2009 from the previous year's record high to 1.46 million vehicles.

 

MOSCOW, March 2 (RIA Novosti)

 

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