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. Last Updated: 07/27/2016

Auto Sector Overhaul

MOSCOW -- The government over the weekend approved a plan to overhaul Russia's car industry by 2005 in cooperation with foreign automakers, Interfax reported.

By that date, the local market is expected to distribute 1.85 million cars, 25 percent to 30 percent of which will be imported, Deputy Economy Minister Sergei Mitin was quoted as saying.

He emphasized Russia's interest in cooperating with foreign automakers Fiat, Ford, Renault and Volkswagen.

Five joint ventures will be set up, Mitin said. He did not give details.

Steps would also be taken to bar imports of old cars on the Russian market, he said