21 Sep 2009 14:49

IKEA and Kostroma region to sign 40-mln euro investment agreement on Sept 22

KOSTROMA. Sept 21 (Interfax) - The administration of the Kostroma region and Sweden's IKEA will sign an investment agreement on September 22 for the formation of production of furniture parts from birch at the lumber processing firm Arbor Sharya, the Kostroma gubernatorial press service said in a statement.

"The signing ceremony will take place in Moscow at the Swedish Embassy to the Russian Federation. Total proposed investment in the project will come to 40 million euro. The final production capacity for furniture components from birch comes to around 40,000 cubic meters a year. As a result, the implementation of the project in the Kostroma region provide 350 new jobs," the statement said.

Taking part in the signing ceremony will be Presidential Envoy the Central Federal District Georgy Poltavchenko, Kostroma Governor Igor Slyunyayev, Swedish Ambassador to Russia Tomas Bertelman, IKEA's CEO in Russia and the CIS Per Kaufman and the chairperson of Arbor's board of directors Annika Karlsson.