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Foreign direct investment in the Russian economy is expected
Foreign direct investment in the Russian economy is expected to rise from $41 billion in 2007 to $51 billion in 2010, a deputy economics minister said on Tuesday.

Andrei Belousov said this figure was forecast in a consolidated report on the results and the guidelines for the Russian government's activities in 2008-2010 to be presented at a government session on Thursday by Deputy Prime Minister Alexander Zhukov.

Belousov also said the figure was important for Russia to ensure sustainable economic growth in the country.

In comparison, China had 140% more foreign direct investment than Russia in 2006 ($69.5 billion against $28.7 billion).

The deputy economics minister said Russia needed to develop a competitive market for sustainable economic growth.

"It is necessary to reduce the share of natural monopolies' products in GDP from the current 11% to 8.5% by late 2010."

The consolidated report also stipulates the boosting of labor productivity by more than 20%. This will help reduce unemployment from 6% to 4% by the end of 2010, Belousov said.

The deputy economics minister also said it was important for Russia to develop hi-tech sectors, particularly civil aviation, ship-building, the space industry and nuclear technologies.

"These sectors could eventually capture around 10% of the world market," he concluded.


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