South Korean investors will contribute up to $5 million for the construction of a ferroconcrete plant in Chechnya, the press service of the North Caucasus republic's president said on Tuesday.

South Korean representatives visited the southern Russian province over the weekend to inspect local construction companies.

"Chechnya's construction ministry hosted talks on a joint investment project to build a ferroconcrete plant envisioning funding from the South Korean side worth approximately $5 million," the press service said.

South Korean company Ko & Chen is already building a brick-producing plant in eastern Chechnya under an investment contract signed with the Chechen government in February.

The plant, with annual capacity of 35 million bricks, is expected to produce its first batch of bricks in May 2009.

Chechnya's economy and infrastructure were devastated in two military campaigns in the 1990s and early 2000s, in the Kremlin's drive to wrest control over the land from separatists.

RIA Novosti


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