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The rise in investment in Russia shows that foreign investors trust the stability of the country's economy
The rise in investment in Russia shows that foreign investors trust the stability of the country's economy, the prime minister said Monday. Mikhail Fradkov, chairing a session of the Advisory Board on Foreign Investment in Russia, said foreign investment totaled $27 billion in the first nine months of 2006, and that 84% of recently polled foreign investors considered their investment activities in Russia to be successful. "This shows, I hope, that foreign investors trust in the stability of the Russian economy," the premier said. "94% of the [foreign] companies plan to expand their activity in Russia," he said, highlighting the rise in investment in manufacturing segments of the economy, transport, and communications. The prime minister said the government does not regard state investment as a substitute for private investment. "By investing in infrastructure projects, we are shouldering part of the risk that is traditionally taken on by private investors," the prime minister said. "I am sure that our partners and businessmen will only benefit from improved quality of roads, communications, power networks and transportation." Fradkov said the government was continually broadening the variety of state investment instruments, including public-private partnership and the creation of special economic zones. Finance Minister Alexei Kudrin said in April that the government planned to spend 78.8 billion rubles ($2.84 billion) on developing special economic zones over the next four years. The law on forming Special Economic Zones - industrial production and technical innovation zones with customs and tax benefits - came into force on January 1, 2006.
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