Russia will hopefully become leader in attracting investment soon

Deputy Economic Development Minister Arkady Dvorkovich believes that Russia will become the world's leading nation in attracting investment.

Dvorkovich said as much at the sixth annual conference for foreign investors "Russia: Reform and Market Growth". Dvorkovich remarked that there are such short-term growth factors as devaluation and favourable foreign economic situation. These factors helped Russia maintain high economic growth in the past two years.

However, considerable investments are needed for consistent medium-term growth, stressed the deputy minister.

In his words, the necessary volume of investment has not been accumulated as yet, therefore, Dvorkovich believes, modernisation of the operating enterprises and stimulation of new enterprises should become the priority tasks of the government, especially in large and medium-size business.

The Russian Economic Development Ministry suggests that free economic zones be created as an alternative mechanism for attracting investment. This, according to Dvorkovich, will make it possible to achieve a high growth rate - 6 percent per year by 2005-2007. This growth will remain stable for the next few years, Arkady Dvorkovich stated.