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German businessmen will invest into Vologda Region.
01.06.2017 14:27
Vologda Oblast Governor Oleg Kuvshinnikov met with Matthias Schepp, Chairman of the Russian-German Chamber of Commerce at the 21st St. Petersburg International Economic Forum that began its work in St. Petersburg today. The talks focused on enhancing bilateral economic cooperation and implementation of joint investment projects.
Germany has always been a strategic partner of the Vologda Region. In 2016 the commodity turnover between the Vologda Oblast and Germany made up over EUR 216 mln. The volume of investments of German capital into Russia’s economy is constantly growing. Germany purchases ferrous metals, wood, wood-working articles, and chemicals in the Vologda Region. Germany imports equipment to Vologda.
In 2016, the share of German goods amounted to 16,0% of the total import volume. Germany is one of the largest consumers of export products of the Vologda Region, it takes the 5th place among foreign countries making up 4.9% of total exports (after Turkey, Latvia, India and Poland).
In February 2017 Oleg Kuvshinnikov and President of the region Hannover Hauke Jagau signed a protocol of intent. The parties agreed to gradually restore the volume of exports and imports between the two regions. The Vologda Region will deliver products of metallurgy, chemistry and woodworking industry to Hannover. And German businessmen will resume supplies of high-tech equipment to the Vologda Region. It was the first step and now the parties are to work hard to strengthen economic cooperation and further partnership ties between Germany and the Vologda Oblast.
During the meeting with Matthias Schepp, Vologda’s Governor also briefed on industrial parks on the territory of the Vologda Region that are entitled to preferential policies as both economic and technological areas and as national-level high-tech industrial parks.
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