Russian automaker Avtotor on Thursday signed a multi-million-dollar manufacturing deal with global car-parts supplier Magna International in Kaliningrad.

The cooperation agreement involves the construction of six automobile aessembly facilities and no fewer than 15 component factories.

"Many people will only realise the significance of what is happening in 10 years or so," said Vladimir Shcherbakov, chairman of Avtotor's Board of Directors.

Shcherbakov said he believes that the new deal will create a host of spin-off industries in the Kaliningrad region and create thousands of new jobs.

Guenther Apfalter, president of Magna International, said that he was excited to be entering what he hopes will prove to be a large and lucrative Russian market. Endi

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