Investment in industrial automobile assembly projects planned at $7 bln - Putin
MOSCOW. April 25 (Interfax) - Investment in so-called industrial assembly projects for automobiles is estimated to reach $7 billion, Russian Prime Minister Vladimir Putin said at a meeting of Finance Ministry and Economic Development Ministry officials.
"Planned overall investment in industrial assembly projects is approximately $7 billion, and more than 35,000 jobs will be created," Putin said.
The automotive industry and the industrial assembly regime "are shining examples" of efforts to attract foreign investment, but the investment does not go to just one sector, he said.
"I arrived from a meeting with representatives of the construction industry and we spoke there about the need to develop production of construction materials, transfer the corresponding technologies there, also via localization of production. Many partners are ready for that, our long-time partners from Europe - Finland, France, Germany - and the opportunity is for localization of up to 70%-80%," he said.
"In providing special support to individual sectors, for example, shipbuilding, aircraft manufacture, automotive assembly, we are still guided by the idea that these industries ought to be developing in a competitive, market environment," he said.
The state's role in the economy must be reduced where it is not justified, which will simultaneously widen the scope for individual initiative, Putin said, recalling that even during the crisis the government refrained from having the state take on a leading role in the economy.
Putin reiterated the need for a favorable business and investment climate, to include a system for monitoring and assessing the competitive environment in the regions.