Russian Companies Freeze Industry Investment Plans

(Postimees/Scanpix)
8/21/2014 1:20 PM
Category: Economy

Four Russian companies have shelved plans to set up production facilities in Narva due to the crisis in Ukraine.

The companies, which would have exported output straight to Russia, would have created 80 jobs in Estonia's third largest city, ETV, but will shelve the plans until at least November.

Teet Kuusmik, head of a foundation to develop industry in Ida-Viru County, said the companies fear a new wave of sanctions.

He said other companies are moving forward with their plans of beginning production in Narva.

Many logistics companies are moving north as Ukraine as a transport corridor is no longer operational, Kuusmik said, adding that that is a great opportunity for Estonia and Finland.


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