MOSCOW TIME: 05.05.2024 01:23:55
Alabuga, Tatarstan's main special economic zone, plans to launch a joint venture together with China. According to Timur Shagivaleyev, the CEO of the special economic zone, the new project is going to attract to Alabuga 60 new residents and about RUB 100 billion of investments.
Joint venture with China to attract RUB 100 billion to Alabuga
Alabuga, Tatarstan's main special economic zone, plans to launch a joint venture together with China. According to Timur Shagivaleyev, the CEO of the special economic zone, the new project is going to attract to Alabuga 60 new residents and about RUB 100 billion of investments.
A resolution creating the joint venture was approved by the Russian Ministry of Economic Development and Chinese Ministry of Commerce. Timur Shagivaleyev also said that RUB 10 billion would be allocated for developing infrastructure which would create 8 thousand new jobs.
Alabuga SEZ Project proves to be the most successful among its Russian peers as Tatarstan accounts for 66% of total revenues originating from special economic zones. Today, there are 48 residents with the total amount of private investments being RUB 153.7 billion and RUB 25.7 billion of government investments.
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