Economy Ministry reports on investment policy objectives

Some $2 trillion in investments in the next 20 years will be necessary forthe stable growth of the Russian economy, the press service of the EconomyMinistry reported citing a report prepared by the Economy, NaturalResources and Foreign Ministries for the World Summit on SustainableDevelopment that has opened in Johannesburg, South Africa, today. Accordingto the report, the volume of investments in fixed assets decreased by fivetimes in the period of crisis, that is why the active attraction of Russianand foreign capital into the real sector of the economy is one of thepriority tasks of Russia's economic policy. The future of the Russianeconomy depends on the solution of this problem.The report stresses that due to limited budget resources, the state'sdirect investments can provide conditions for the restructuring of economyonly in several sectors. The priority directions of the state's investmentsare the social development, economic infrastructure (transportation,telecommunication and finance), environmental protection and the defenseindustry. The state will also render support to the development of high andecological technologies.In the period from 2002 to 2004, the main emphasis of the governmentinvestment policy is to be given to the creation of long-term conditions ofdevelopment of highly competitive sectors of the economy, intensive renewalof fix assets and reorientation of investment activity to broadeningproduction potential on the basis of modern technologies. Among the maintasks of the policy on attracting foreign investments in the Russianeconomy in the medium-long term perspective are the improvement oflegislation for the activity of foreign investors taking into accountRussia's strategic interests, development of the policy on attractingforeign investments to regions, creation of a system of insuring foreigninvestments etc..