Russian Oligarchs Are Investing More Money in North-West Federal District than Foreign Investors

Russian oligarchs are investing more money in the economy of the North-West Federal District than foreign investors. This statement was made by Deputy Presidential Plenipotentiary to the North-West Federal District Lyubov Sovershayeva to a Rosbalt correspondent.

'2002 financial results reveal that the growth of foreign investment in the district was somewhat lower than in 2001,' she said. 'The level of foreign investment dropped over the January-September period by 5.2%. However, the overall level of investment in the district rose by 2.5% which shows that Russian business has started to invest money in Russia and especially in the North-West Federal District,' she also said.

Ms Sovershayeva added that representatives of YUKOS, ONEKSIM Bank, Russian Aluminium and other large enterprises had been very active at a recent business fair in Saint Petersburg. 'There is now an accumulation of capital and Russian oligarchs are looking for new ideas and technologies within the country which could provide a profitable investment, she explained.'

Ms Sovershayeva emphasised that there would be continued analysis of the investment process in the district and that every effort would be made to attract investment.