Recently, the Russian government signed a special investment contract for Russia Haval Automobile Manufacturing Co., Ltd. (a Russian subsidiary of Great Wall Motors (GWM)).
Accordingly, Great Wall Motors became the first Chinese car brand to sign a special investor contract with the Russian government, it means that GWM will enjoy the same preferential policies as other foreign-owned car companies in Russia. GWM will also use the preferential policies given by special investment contracts to conduct business in the Russian market.
In June of this year, GWM Russia Tula factory was officially put into operation. At the same time as the Tula factory was put into production, the Tula State Government and GWM signed the second phase investment intention agreement and the special investment agreement.
Dennis Manturov, Russian Minister of Industry and Trade, said GWM has undertaken an investment obligation of up to 42 billion rubles (~US$464 million) for the construction of high quality plants including engines, transmissions, electronic control modules and vehicle control systems. In the future, Great Wall Motors will also fulfill its tax liability of up to 90 billion rubles (~US$1.38 billion).
In fact, since the beginning of this year, GWM has frequently expressed its emphasis on overseas markets. As the chairman of Great Wall Motors, Wei Jianjun repeatedly said that GWM must achieve the strategic of overseas market, the Russian market is the base for GWM to implement its international strategy.