Moscow region plans significant investments in tourist industry

More than half of all investments to be made in the Moscow region in 2003(about $600m) can be allocated for the construction of hotels, golf clubsand other tourist facilities, regional minister for industry and sciencesVladimir Kozyrev reported in an interview with RBC. He noted thatinvestments in this sector had been insignificant so far. Kozyrev stressedthat up to 30 percent of investments in the regional economy would be sentto the food industry. In addition, large investments are planned for themachine building sector.The Moscow regional official reported that investments in the food industrycould reach $120-150m this year. In 2002 and 2003, investments will beallocated for the brewery industry and four new facilities will beconstructed. Finally, investors show interest to the dairy industry.According to Kozyrev, about eight dairy factories will be constructed inthe Moscow region in 2002 and 2003, including a new Danone factory..