German businesses and the governors of Russia’s Kaluga and Kaliningrad regions and the Republic of Bashkortostan have signed deals and memorandums worth €600 million in Munich on Wednesday, according to a source quoted by Lenta.ru.

A €200 million deal was sealed between international wood-processer Kronospan and the governor of Russia’s Kaluga region. The company plans to invest in the construction of a wood fiber board plant in the region.

Since 2007 German firms have invested over €2 billion in Kaluga’s production facilities, said the region’s governor Anatoly Artamonov.