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Speaking at a ceremony laying the cornerstone of a plant to produce stamped car parts and a metals service centre, President Vladimir Putin noted that one of the world’s biggest car makers is already working in Leningrad Region and five other car makers are planning to develop business in the region.

The motor industry’s development in Russia and the fact that foreign companies are opening production facilities in the country is the result of the Russian Government’s deliberate policies. The President said that in this context it is important for Russia to develop its technological components base and noted that the new plant’s main shareholder is a Russian company, OAO Magnitogorsk Steelworks.