VLADISTOCK, Russia — Russian wholesale enterprise Vlad-Garant L.L.C., with support of a Russian state investment agency, is planning to build a car tire factory in Primorsky Krai, a region bordering China and North Korea.
The Far East and Arctic Development Corp. (FEDC) said Sept. 5 it had agreed to work with Vlad-Garant to build a $110 million tire plant in an effort to strengthen the industrial potential of Primorsky Krai while providing the Russian automotive industry with "high-quality tires."
Set for commissioning in 2027, the plant will create over 130 jobs, the FEDC said without providing further details on capacity and product types.
Based in Vladivostok, Vlad-Garant is preparing an application to obtain the status of "resident of the priority development area."
Such status, the FEDC said, provides the company with "benefits and preferences that will significantly speed up the implementation of the project."
"Primorsky Krai has all the necessary resources and infrastructure to build a plant of this level," Kirill Kamenev, deputy director general for investment attraction at the FEDC, said.
The project, according to Igor Zaitsev of Vlad-Garant, will "significantly contribute" to the economic development of Primorsky Krai.
The FEDC is described as a management company subordinate to the Ministry of the Russian Federation and the Deputy Prime Minister of the Russian Federation.
