Audit Chamber reports decrease in foreign investments

The amount of direct foreign investments in Russia fell by 9% in 2001 to $3.98bn, the Information and PR Department of the Audit Chamber of Russia reported. $4.43bn were invested in the Russian economy in 2000. The sum of Russian investments abroad substantially exceeded the amount of foreign investments in Russia. For example, the amount of Russian investments abroad reached $10bn over the first six months of 2002.

As a result of a check of the efficiency and correctness of the use of grants and foreign investments, the Audit Chamber found out that foreign investors were granted tax and customs duty exempts totaling $5.1bn in 2000-2001. Additionally, ministries and agencies did not fully fulfil their duties dealing with supervision of the allocation of funds received in the form of non-commercial technical assistance for the approved purposes.