A special economic zone for the development of textile and woodworking clusters will be created in Vologda Region.
A cooperation agreement between the Vologda Region Government and AFK Sistema, a large Russian conglomerate company, was signed by Oleg Kuvshinnikov and Vladimir Yevtushenkov within the framework XXIV St. Petersburg International Economic Forum.
The document is aimed at creating a favourable economic climate in the Vologda Region and attracting financial investments to the region as part of the creation of a special economic zone and implementation of the investment project "Development of a Competitive Light Industry Cluster".
The textile industry of the region, namely manufacturing of uniforms for soldiers, doctors, railway workers and other employees will also receive an impetus for development. AFK Sistema will invest in new production facilities and increase of production volumes. A textile cluster created in Vologda will be the largest in the country. It will be engaged in design and clothes tailoring, its products made of cotton and linen will be sold at the biggest retail chains and via popular Internet sites.
AFK Sistema is one of the key partners of the Vologda Region. The parties have a long-standing relationship. Five companies belonging to the company operate in the region. These enterprises play an important role in the diversification of the regional economy, creating new jobs and increasing production volumes.