Sollers Board of Directors Chair Shvetsov asks Medvedev to expand program for encouraging non-primary exports

TASS Russian News Agency | Jun 14, 2019 at 12:42 PM

MOSCOW, June 14. / TASS /. Chairperson of Sollers Board of Directors Vadim Shvetsov asked Russian Prime Minister Dmitry Medvedev to introduce subsidies for equipment leasing, at a meeting on Friday.

According to Shvetsov, this will help expand the program of stimulating non-commodity exports.

"We, as a company Mazda Sollers have submitted an application to form an agreement on a corporate program to improve competitiveness and have committed ourselves to increasing 10% of export earnings every year. Moreover, the company will supply products worth more than 16 billion rubles to Japan. And we would like for this program to stimulate non-commodity exports, to be able to consider other instruments. It would be interesting to us that, in addition to the subsidized rate, to have subsidized leasing, because we buy leasing equipment quite a lot. Expanding the financial instruments of this program would be very useful for us," said Shvetsov.

He also noted that Mazda Sollers in Vladivostok has recently begun mass production of engines for Mazda. At the same time, 100% of these engines will be exported to Hiroshima.

Sollers is a Russian automotive company working in partnership with automakers such as Ford, SsangYong and Mazda. The concern owns production sites for Russian UAZ off-road vehicles, Korean SsangYong, as well as ZMZ gasoline and diesel engines. The majority shareholder of Sollers is Vadim Shvetsov. In 2018, the revenues of the Sollers group increased by 10.4% to 39.4 billion rubles. Following the results of 2018, EBITDA amounted to 481 million rubles. In 2018, the group "Sollers" received a net profit of 46 million rubles.