By RIA Novosti
Moscow : A foundation stone is to be laid for a Hyundai auto plant in St. Petersburg in June as part of the 12th International Economic Forum, Governor Valentina Matviyenko said on Wednesday.
“We will lay the foundation stone for a Hyundai plant within the framework of the forum. It has become a good tradition at the forum to unveil or break ground on a new facility,” she said.
She added that a number of investment agreements would be signed during the forum.
“This [forum] is a blessing for the city,” the governor said.
The 12th St. Petersburg International Economic Forum will be held on June 6-8. Conducted under the auspices and with the participation of the Russian president, the forum annually gathers world leaders to discuss important economic issues facing Russia and the international community.
With rapidly rising purchasing power in Russia, foreign automakers are seeking to expand their presence in the country.
South Korean auto giant signed a deal with St. Petersburg authorities to build a $400 mln assembly facility to produce about 100,000 cars per year in December 2007.
A number of foreign companies, including auto giants U.S.-based Ford Motor Company, Germany’s Volkswagen, Japan’s Toyota, and France’s Renault have also either opened or are building plants in Russia.