GAZ Group was awarded the Prize of the Adam Smith Institute for the best performance of the RF Automotive Industry

GAZ Group, a part of Basic Element, one of the largest diversified industrial groups in Russia, was awarded the prize of the 18th International Russian Automotive Forum of the Adam Smith Conference in the Best Efficiency Improvement Strategy nomination.

GAZ Group was awarded the Adam Smith Conference prize in the nomination Best Efficiency Improvement Strategy. The prize was given to Vadim Sorokin, the President of GAZ Group at the Adam Smith Forum, which was held in Moscow from 17 to 19 March.

Ben Hammersley the master of ceremonies, the journalist of BBC World News Channel:

– The prize is awarded to GAZ Group for the most professional response to the crisis in the Russian economy. GAZ Group could quickly reorganize the management of the company and optimize the production processes, which allowed it to achieve an impressive progress in costs reduction: in 2014 the savings, amounted to more than RUR 9.8 Bln. Because of the flexible production system, the company could effectively organize the stocks management and promptly react to the changing demands of the automotive market.

At the awarding ceremony the president of GAZ Group Vadim Sorokin expressed gratitude to the sponsors of the Forum for appreciation of the Company performance:

– In a wonderful book «Funky Business» there is a phrase that there are only two types of companies in the world: the quick and the dead. The award for efficiency improvement strategy confirms that GAZ Group is a quick company. In the circumstances of the market decline and the credit resources inaccessibility the increased efficiency allows us to find room for production of new models and progress in the export markets.