The Government of the Republic of Crimea has signed an investment agreement with Black Sea Agroindustrial Company (which is part of GDP Investment Group) to create a poultry production unit in the northeast of the peninsula. The agreement was signed on the sidelines of the III Yalta International Economic Forum on 20 April by Head of the Republic of Crimea Sergey Aksyonov and CEO of Black Sea Agroindustrial Company Valentin Grebenyuk.
Investments in the poultry unit are projected at RUB 8.54 billion. In the spring of 2018, the investor plans to launch the first line with an annual capacity of 25,500 tons of poultry meat. The next phase envisages the launch of the second line with the same capacity. The factory will ultimately become part of a multiproduct Black Sea meat cluster, which will produce poultry, pork, cattle meat, and processed meat products. It is expected that the cluster will create jobs for approximately 1,300 Crimean residents, mostly from Sovetsky and Nizhnegorsky Districts. The investor’s own funds will account for 30% of the total amount of expected investments; the rest is expected to be borrowed. The project is expected to break even in 10 to 11 years. Black Sea Agroindustrial Company has already been registered in Crimea as a resident of the Free Economic Zone.
At the II Yalta International Economic Forum, the Development Corporation of the Republic of Crimea and the investor signed a memorandum of cooperation.
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