Minister Manturov has disclosed the details of the SPIC signed with Hyundai

The minister of industry and commerce Denis Manturov has disclosed the details of the Special Investment Contract (SPIC) signed with the Korean car manufacturer Hyundai. 

“The SPIC has been signed for the duration of 10 years. The total amount of investment will be 16.6 billion rubles (approximately $250 million as of January 2019) however, taking into account the investments of other companies belonging to Hyundai Motor Group, such as: Hyundai WIA, which manufactures engines, the total investment may reach around 35 billion rubles (approximately $525 million) ” – Manturov told journalists.

Manturov expects tax deductions in the amount of 244 billion rubles (approximately $3.7 billion) for the period.

A high rate of localisation will be achieved in the production of budget automobiles such as: KIA Rio and Hyundai Solaris within the scope of the SPIC, as well as Hyundai Creta crossover.

Source: RusAutoNews.Com