Russia to Invest $480m in Domestic Shipbuilding

10 August 2010 (Last Updated August 10th, 2010 18:30)

Russia will invest R14.3bn ($480m) to support its domestic shipbuilding industry, according to the government. Russian Prime Minister Vladimir Putin said the investment will help the domestic shipping industry build more modern and reliable vessels in the country. The fund wil

Russia will invest R14.3bn ($480m) to support its domestic shipbuilding industry, according to the government.

Russian Prime Minister Vladimir Putin said the investment will help the domestic shipping industry build more modern and reliable vessels in the country.

The fund will also allow the country to build marine equipment for commercial and fishing vessels.

The capital investment is also expected to help Russia explore offshore fields and natural reserves in the north as well as revive inland river traffic.