Moscow Plans To Offer Foreign Investors Five Large Plots Of City Land For Development

Moscow proposes to offer foreign investors, including those from the US, five large plots of city land for development. This theme was taken up during a meeting between Moscow Mayor Yuri Luzhkov and a group of leading American businessmen. The biggest of the five projects is already under way - it is the construction of the Moscow-City international business centre. As earlier reported, its first stage is expected to be commissioned in 2003. The total volume of investment needed to complete the City is 12 billion dollars. The second project is construction of Russia's first Disneyland at Mnevniki. The volume of required investment is 7 billion dollars. The third project is reconstruction of the historical zone in the Kolomenskoye museum-preserve (volume of investment 3 billion dollars). The fourth project, which needs 600 million dollars in foreign investment, is construction of a Formula 1 racetrack on the Nagatino flood-plain. Finally, in the Luzhniki area, it is planned to establish a modern sports zone. The required sum of investment is 300 million dollars. Also, it is planned to cooperate with American business quarters in high technology sharing. Other projects being discussed include joint Internet-shops, pharmaceutical production in Moscow, and construction of large trade centres, business centres and underground parking.