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Korea to Become the First Foreign Investor in Resorts of the North Caucasus
2.11.2011 13:14
Korea to Become the First Foreign Investor in Resorts of the North Caucasus

Korea Western Power, one of the leaders in the green energy sphere, is to build a system of coil, sun and wind power stations. The Korean company has signed n agreement on investments with the state company Resorts of the North Caucasus. The sum of investments will make up $1 billion.

The agreement presupposes establishing a joint company, 50 % of shares will belong to Resorts of the North Caucasus, 40% to Korea Western Power and 10% to CHT Korea. The joint company should be registered officially by the end of 2011. according to the agreement, five power stations will be built, other objects will be planed after studying the location.

The foreign partners expect tax remissions, allotment of necessary land plots, infrastructure and state guarantees. The exact sum of the sate guarantees is not called but as it was reported earlier it may make up about 70% of all investments.

The state company Resorts of the North Caucasus was established in December 2010 for developing tourism in the region.

Author: Irina Fomina

Tags: North Caucasus Russian tourism investment Russian business  

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