CBJ — German automaker Daimler has cut the ribbon on a new Mercedes-Benz factory in the Greater Moscow Area. The official opening ceremony drew a lot of dignitaries including the likes of Russian President Vladimir Putin.

The plant is located in the town of Esipovo 40km northwest of Moscow.

The new plant marks a renaissance for investment in auto-making in Russia, which had dried up amid western sanctions and a stagnant economy.

Putin said the plant will employ almost 1,000 workers and produce 25,000 automobiles on an annual basis.

@CanBizJournal