Usd 5 Billion In Foreign Investment Expected To Be Channelled In Moscow Economy In 2001

The volume of foreign investments in Moscow's economy is expected to equal no less than USD 5 billion, Moscow Mayor Yuri Luzhkov stated Friday in the course of the joint business lunch with representatives of the U.S. Commercial Chamber in Russia. Luzhkov reported that as of today foreign investments in the city's economy constitute USD 4.7 billion. These are mainly direct investments in authorised capitals of joint ventures, Luzhkov added. According to the data provided by the mayor, the volume of accumulated foreign investments in Moscow's economy is currently estimated at USD 20 billion. Luzhkov invited U.S. investors to step up participation in joint projects with Moscow. He said that this year the U.S. investments in Moscow's economy amounted to USD 219 million. The USA currently ranks third among Moscow's major investors. Yuri Luzhkov enumerated the key directions of Moscow's cooperation with foreign investors, including American ones. According to him, these are construction of the Moscow-City business centre, hotel business, wholesale trade development, as well as hi-tech production.