China invests $450 million in 'Smart Manufacturing Plant Haier' in Tatarstan

In Moscow Kremlin the government of the Republic of Tatarstan, municipal
education of the city of Naberezhnye Chelny, Ministry of Industry and Trade of
Russia, and Haier Group have signed a Memorandum of Intent for investment
projects implementation for the purpose of starting up a 'Smart Plant' for
manufacturing washing machines in the industrial park Haier (the city of
Naberezhnye Chelny). It is expected that it will comply with standards of the
Fourth Industrial Revolution. The investment cost in this project will amount to
$450 million.

This document was signed by: the Ministry of Industry and Trade of Russia,
Denis Manturov, the President of the Republic of Tatarstan, Rustam Minnikhanov,
the Mayor of the city of Naberezhnye Chelny, Nail Magdeev, and the President of
Haier Corporation, Mr. Chou Yuntzi. This project will foster the social-economic
development of Russia, the Republic of Tatarstan, including in particular the city
of Naberezhnye Chelny, the foundation of unique manufacture, the increase of tax
assignments to the treasuries at all levels, and the export capacity development of
the country in the field of high-technology products.

“It is gratifying to know that during the prosperity of the relations between our
countries, namely the 70th anniversary, we have marked this kind of event. The
Haier refrigerator manufacturing plant functions successfully in the city of
Naberezhnye Chelny. For the past three years more than a half a million
refrigerators have been manufactured. By carrying out the 'Smart Plant' idea, we
are going at lightning speed towards the creation of the whole Haier industrial
park,” said Taliya Minullina, the Head of the Tatarstan Investment Development
Agency.

It is believed, that the project will come into fruition during the period from 2019
to 2022.