Gov't to support investors in machine building industry

Russian authorities are ready to support foreign investors that invest resources in the development of the machine building industry, Russian Prime Minister Mikhail Kasyanov declared at his meeting with Renault Director Louis Schweitzer in Moscow.

Kasyanov admitted that the development of the machine building industry was very important for Russia. He stressed that Russian authorities were ready to "specially protect" investors in this sector, because it would promote the development of the processing sector of the Russian economy. The head of the government noted that the project on organizing a car assembling facility in Russia with Renault "is a considerable volume of investments".

As reported earlier, the Russian government and Renault are planning to sign an agreement, according to which the French carmaker is to invest $250m in the joint venture Avtoframos. It is planned that in 2005 some 60,000 Renault cars will be assembled in Russia.