Cumulative foreign investment in the Russian economy was US$66 billion as of July this year, Prime Minister Mikhail Fradkov said at the EurAsEC - Business World Congress.
"Foreign investment mounted considerably in 2003, to US$30 billion, $7 billion of which was direct investment," Fradkov said.
According to Fradkov serious efforts to improve the investment climate, reform the tax system and financial reporting, remove unnecessary administrative barriers and improve legislation behind investment, customs-tariff regulation and the banking system all contributed to the growth in investment.
Russia itself invests in fellow EurAsEC members. Russia invested US$243 million in Belarus and US$27 million in Kazakhstan in 2003. "The stock of Russian investment in Kazakhstan is estimated at US$1.5 billion," Fradkov said.
Source: Interfax
