Tatarstan's economy expected to remain on strong growth path
Tatarstan's economy is forecasted to remain on solid economic growth path. According to the Investment Climate Rating of the Agency for Strategic Initiatives (ASI), the Republic of Tatarstan occupies one of the top spots.
The industrial output of the Republic of Tatarstan increased by 2.5 percent in the first three quarters of 2017. The high growth rates in the manufacturing and petrochemical industries are expected to lead to a 4% increase in gross regional product over the next three years.
Starting in 2020, Tatarstan plans to construct plants for xylene production and hydrogen hydrotreating as well as facilities for naphtha hydrotreating. Approximately 4 billion euros are available for republic’s expansion and modernization measures. For particularly security-relevant components, business opportunities arise for foreign suppliers.
Siemens will build a gas and steam power plant for Nizhnekamskneftekhim (part of the TAIF holding) by 2021. The order value is about 380 million euros. Starting in 2018 Nizhnekamskneftekhim also plans to increase the processing depth in the production of isoprene.
Not to be forgotten are also new production facilities in the automotive industry. The joint venture Daimler-Kamaz is building a factory for the production of truck cabs in Naberezhnye Chelny. From the 1st quarter of 2019 up to 55,000 cabins per year are to be manufactured. All the business conditions are to be specified in an upcoming special investment contract with the Republic of Tatarstan.