ST. PETERSBURG, December 28. /TASS/. Russian President Vladimir Putin launched the Titan-Polymer plant in the Pskov region via video link on Wednesday.

At the ceremony, Chairman of the Board of Directors of the Titan-Polymer group of companies Mikhail Sutyaginsky asked the head of state to give start to the operation of the plant.

"Good luck! Let's get to work," Putin said.

The President thanked all the employees of the enterprise.

"I hope that next year we will have as many or even more launches of such high-tech enterprises," the head of state said.

The plant for the production of polyethylene terephthalate is one of the key occupants of the Moglino special economic zone. The enterprise is capable of producing all types of polymers. It will provide the country with raw materials, which are currently imported from abroad. Almost 10 billion rubles ($139 mln) have been invested in the development of the enterprise.

According to local authorities, after the launch of the Titan-Polymer, plant private investments in the project will be at least 17.6 billion rubles ($244 mln). What’s more, it will create more than 500 jobs.

The Titan-Polymer Group cooperates with more than 200 enterprises, primarily in the transport and logistics sectors.