American business has a great stake in broadening the flow of investments in the Russian economy, the participants in the 5th Annual Conference on Investments in Russia and the CIS Countries, held in New York, are quoted as saying. The conference was organized by the Sachs Associates and Blomberg companies. In his opening address, chairman of the Russian-US Business Council Eugene Lawson pointed out that foreign investments were very important for the economic development of Russia and for its gross national product, RIA Novosit reports Sergei Kiriyenko, Russia’s former prime-minister now the president's plenipotentiary representative in the Volga Federal District, spoke of the positive shifts in the economic and financial situation in Russia. According to him, the fact that "no bad news have been heard from Russia" during Vladimir Putin's stay on the post of the president is noteworthy as positive. Member of the World Bank management Marcello Selowski expressed hope that, as a result of the important decisions of the president and of the government of Russia, the investment climate in the country will become even more attractive for foreign investors. Head of the Nikoil company Nikolai Tsvetkov stressed that the investment climate in Russia largely depends also on the position of the Russian banks and other financial institutions. According to RIA Novosti, heads of a number of large Russian companies also took part in the conference.