"I am convinced that Russian-Japanese business cooperation has great prospects in the investment, trade, innovation and energy spheres, as well as economic development of the Far East," Putin at the foundation ceremony of the Toyota car factory near St. Petersburg.
According to him, the permanent development of political dialogue opens broad possibilities for this mutually beneficial partnership.
"The brand of the Japanese major car producer is known worldwide and is highly popular in Russia. I am confident that products of the Toyota factory in St. Petersburg will be in great demand," the president said.
"Japanese industrial leaders are expanding their activities on the Russian market. We regard this as confidence of Japanese manufacturers and businessmen in the opportunities and potential of the Russian economy," Putin added.
This confidence is based on the positive cooperation experience, growing business contacts and Russia's successes in socio-economic reforms and formation of stable and effective market economy, he said.
The head of state wished Toyota new successes on the Russian market and expressed hope that other Japanese economic leaders would follow this example. Russia is open to substantial and interesting partnership, he added.
The new factory is to produce some 50,000 cars a year. At the initial stage it will annually produce 20,000 Camry cars (Camry is one of the most popular models in Russia).
Toyota said that the factory would be expanded to an additional area of 220 hectares. The company may start producing other models in Russia later.
Investments worth 15 billion yens are planned at the beginning. The European Bank for Reconstruction and Development is to make extra investments later. The factory is to employ some 500 people.
