Forein Investment in St-Petersburg Increase Threefold

Foreign investment in St. Petersburg’s regional economy in the first quarter of 2009 reached $538 million, a threefold leap against the same period last year, according to data released by the regional administration’s press service. The region is proving especially popular with companies from the United States, which have invested approximately $400 million, or 74% of the total. A further $48 million has come from Finland, $34 million from Austria, and $25 million from the Netherlands. Analysts suggest that the rise mirrors completion of investment projects having being started 2-3 years earlier and expect a slight slowdown for the next two years. “Foreign investors still express their interest in Russian economy,” says Marina Chernobrovkina, CEO of American Chamber of Commerce in St-Petersburg, “and now they are watching the anti-crisis actions and investors supporting programs being implemented by the Federal government”. (By the materials of www.kommersant.ru)