Sisecam's New Investment In Bashkortostan

Ersin Ozince, director general of Isbank and president of Sisecam Executive Board, said on Monday that the new glass factory of Anadolu Glass Industry Inc. in Ufa city of Bashkortostan would create employment for 3,200 persons directly and for 15,000 persons indirectly with an annual endorsement of 342 million dollars.

A ground-breaking ceremony was held for Ruscam-Ufa, the new glass factory and the third investment of Anadolu Glass Industry Inc.--a company of Sisecam-- to be built in Ufa city of autonomous republic of Bashkortostan, Russia.

Addressing the ceremony, Ozince said that the investments of Sisecam in Russia have reached 373 million dollars, stressing that the Turkish-Russian social and economic relations developed on a very sound basis.

''Russian Federation is ranked the second among Turkey's economic partners behind Germany. What we expect from Russian officials is that they should not permit applications which could disturb the equality of chance for us to compete in Russian market, we don't want any privilege,'' Ozince noted.

President of Bashkortostan Murtaza Rahimov thanked for the big investment undertaken by the Turkish company and noted that he believed new areas would be formed for Turkish-Russian economic relations.

Rahimov said that Turkey had an important place in Bashkortostan's foreign economic relations.

''We believe that this investment would contribute significantly to solving unemployment problem in Bashkortostan,'' Rahimov added.

Turkish Ambassador to Russia Kurtulus Taskent said in his part that the investments undertaken by Turkish companies in Bashkortostan was the sign of their trust in economic and political stability in Bashkortostan.

''Today Russia is the second biggest partner of Turkey behind Germany, and Turkey is one of Russia's most important economic partners,'' he added.

Sisecam's top official Teoman Yenigun said that Sisecam has become the biggest glass producer in Europe with its investments in Russia.

600450 Sisecam's New Investment In Bashkortostan
Date: 30 June 2005

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