Prime Minister Vladimir Putin attends the inauguration of Magna International’s new auto parts plant in St Petersburg


“I’d like to thank you for investing in the Russian economy. And I hope that this will be a long-lasting and successful cooperation that benefits both Magna and the Russian economy.”

Remarks by Prime Minister Vladimir Putin at the ceremony:

Ladies and gentlemen,

Today is a big day for St Petersburg, the Russian automobile industry and everybody who has a car or cares about automotive engineering.

Today we have inaugurated a Hyundai plant in St Petersburg and we are now inaugurating this Magna plant. This plant was built within a very narrow timeframe; it took just over a year.

Mr Siegfried Wolf (Magna's Co-Chief Executive Officer) has just told me that to choose the site for this plant he first had to pick out some rubber boots so that he could explore the vicinity for the best site.

Magna employs over 1,000 people at its production facilities in Russia. There is no need to say that Magna is one of the largest manufacturers of auto parts in the world. This company is based in dozens of countries with over 200 production facilities worldwide. Clearly, modern, high-quality auto parts are absolutely necessary to produce excellent cars. It doesn't take an expert to figure that out.

I am pleased to say that Magna has brought new technology and high production standards to Russia, as was agreed with the company. Like the rest of our partners, it has localised production and employs high-tech production on Russian soil.

A total of 74 million euros has been invested in this project, and production may be expanded if necessary. Magna already has a guaranteed market for its products.

The plant we inaugurated 30 minutes ago will be one of the main consumers of Magna auto parts. More and more companies are coming to Russia, in particular to St Petersburg, and I am confident that Magna will have even more customers in this city.

Incidentally, this is a good example of the cooperation of international investors in Russia. When we signed an agreement for a new plant with Hyundai, Magna and Hyundai arranged the construction of this plant, with support from the Russian government and the governor of St Petersburg.

It's good that international investors are developing cooperation with each other here, in Russia. I'd like to assure Magna that the Russian government and the authorities of St Petersburg will do everything in their power for your company.

I'd like to thank you for investing in the Russian economy. And I hope that this will be a long-lasting and successful cooperation that benefits both Magna and the Russian economy.

Thank you for your attention. Congratulations on the launch of your plant. Thank you.

After the ceremony Prime Minister Putin toured the plant to view operations at mechanical transfer lines and other facilities. Company executives told the prime minister that the plant would manufacture steel and plastic parts for car bodies, as well as for SRS components, to be used in Hyundai, Volkswagen, Nissan and General Motors cars. They added that St Petersburg authorities had provided Magna with 30 hectares of space in the Shushary industrial zone.

Prime Minister Putin asked a worker at the plant about his wage, and he replied that he received 1,000 euros. At the end of his tour, the prime minister autographed a newly manufactured car part.

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