Yu Guangzhou said China's auto manufacturer Great Wall plans to assemble 50,000 vehicles a year in the Republic of Tatarstan with a total investment of $70 million.
Negotiations have been completed and the relevant documentation has been prepared and will be submitted to the Russian government's respective departments for discussion, Guangzhou told a press conference in Moscow.
According to the Chinese deputy minister of commerce, the car manufacturing enterprise will be a very profitable project.
Andrei Sharonov, a deputy economics minister of Russia, said Great Wall and the government of Tatarstan have already set up a joint venture with stakes of 75% and 25% respectively. However, the Federal Agency for Governance of Special Economic Zones has not yet received an official application for auto production in the republic's Alabuga special economic zone, Sharonov said.
