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. Last Updated: 07/27/2016

Minsk Approves Breaks for Ford Factory

MINSK, Belarus -- The Belarussian parliament approved tax and customs exemptions Friday for a Ford Motor Co. joint-venture factory due to begin production July 31.

The upper house approved a lower house decision by 38-7 to free Ford from paying customs and excise duties and value-added tax on imported parts for an unlimited period.

It also freed the joint venture from tax for five years on profits generated at the 6,000-annual capacity plant outside the capital Minsk.

Ford's $19.2 million investment gives it a 51 percent stake in the venture, which it has refurbished. The government has a 26 percent share for the land and buildings, and local partner Lada OMC has a 23 percent stake.

The plant in Belarus, conveniently located between central Europe and Russia, is Ford's entry point into a Russian market expected to boom in the coming years.