Foreign investment in the Kaluga region for 9 months of this year totaled $928 million, which is near last year’s total, the region's Economic Development Ministry told RIA Novosti.
The ministry reported that 14 different manufacturing facilities have opened in the region, including the Peugeot-Citroen-Mitsubishi joint assembly plant, an auto components production facility by the Canadian giant Magna, the first production facility by French cosmetics maker L'Oreal in Russia and an Energy Technology Center by America-based General Electric.
A ministry official said investment remains the primary growth driver for production in the region. Therefore, the main task of the regional government is to create a favorable environment that stimulates investment activity. The painstaking work of finding new investors continues.
This year, the region signed investment agreements with major companies, including pharmaceuticals giant NovoNordisk Berlin-Chemie AG, said the official.
The Kaluga region has gained unique experience in creating a favorable investment climate which has led to the successful establishment of automotive and pharmaceutical clusters in the region, the source said.
The result of this active investment policy has been the growth of tax revenues from new businesses for the region's budget, said the regional Ministry of Finance official.
From January through September 2010, 2.8 billion rubles in tax revenue, or 12% of total revenue, was posted to the regional budget from industrial parks, where the majority of companies with foreign investment are concentrated, the official added.
KALUGA, December 3 (RIA Novosti)
