Thursday, November 23, 2017

Two new companies become residents of Titanium Valley

Projects proposed by two new potential residents of Titanium Valley have been approved by Russia's Economic Development Ministry's Expert Council.

Ural Optical Plant has planned the implementation of an investment project that would set up optical cable production at the plant requiring an investment of $14.67 million. Stroydiesel Composite would bring an investment project to produce nano-structured composite fiberglass pipes that would require an investment of $54.56 million, Ural Business Consulting reports.

"All the projects in the first section of the special economic zone in the Mid-Urals have been nearly completed by now," Artemy Kyzlasov, the director general of the Titanium Valley Special Economic Zone, said, according to Ural Business Consulting. "Out of 72 hectares of land, only 10 are available now."

Four agreements of intent have been signed and business plans have been prepared for the next meeting of the expert council. In addition, agreements to set up joint ventures in the economic zone have been signed to begin after the infrastructure has been started.

The center of the Yekaterinburg special economic zone will be VSMPO-Avisma, the largest producer in the world of titanium alloys. The company will invest $150 million into the project, the Voice of Russia reports.

"The Titanium Valley is one of the four industrial-type special economic zones in Russia which will pave the way for foreign high-tech companies to arrange their production in it," Kyzlasov said, according to the Voice of Russia. "The special economic zone is called Titanium Valley because its basic partner is VSMPO-Avisma, one of the world's largest titanium producers. It's crucial for us to preserve this superiority which is enjoyed by Russia on the titanium market. Like any special economic zone, this project will stimulate economic development in the entire region."