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Russian ministry approves first three special investment contract applications

Earlier reports said that first SPIC 2.0 contracts were planned to be signed this summer

MOSCOW, May 20. /TASS/. An interagency committee has given the right of concluding special investment contracts (SPIC 2.0) to three production enterprises in Chuvashia, the Tver and Saratov regions, the Russian Industry and Trade Ministry said in a statement on Thursday.

"Three production enterprises from Chuvashia, the Tver and Saratov regions were the first to receive the right to conclude special investment contracts (SPIC 2.0), under which they will introduce cutting-edge technologies in prior fields defined by the Russian government, and start the production of globally competitive goods," Minister Denis Manturov was quoted as saying. A respective decision was made by the interagency committee on May 19.

Earlier reports said that first SPIC 2.0 contracts were planned to be signed this summer.

According to Deputy Minister Vasily Osmakov, the ministry has announced a total of 15 SPIC 2.0 tenders.

In particular, the applications for the development and introduction of agricultural tractor production technologies and for production of cassette type tapered bearing have been selected, the ministry noted.

"Both technologies are crucial for the sovereign economy development," it added.

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