Official reports rise in foreign investments in Moscow

The volume of foreign investments in Moscow is expected to reach about $8bnthis year as compared to $5.6bn last year, Iosif Ordzhonikidze, MoscowDeputy Mayor responsible for external relations, announced at a pressconference today. This means that Moscow will break its record in attractedinvestments registered in 1998, when investments amounted to $7.8bn.Due to foreign investments, the needs of the Moscow investment portfoliowill be satisfied by two-thirds, the Deputy Mayor said. The majority ofinvestments will be allocated for the reconstruction of the central part ofthe Russian capital, the development of trade and the general businessinfrastructure of the city.Ordzhonikidze specified that the Moscow government was going to allocateinvestments for the following main six directions. These are the MoscowCity business center, a children amusement part, whose construction willstart in 2004, the development of tourist and sports projects in Moscow,the construction of a Formula-1 racing circuit and the development of theKolomenskoye cultural and historical reserve..

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