Russia achieves “sustainable economic growth”, Russian Prime minister says

Russian government wants to dovetail the state's economic interests and the interests of foreign investors, Russian Prime Minister Mikhail Fradkov told the Foreign Investment Advisory Council on Monday.

Speaking at a meeting of the Foreign Investment Advisory Council on Monday, Fradkov said Russia has achieved a “sustainable economic growth over the last five years”.

According to the prime minister, the gross domestic product increased by 5.6 percent, industrial production by 4 percent, and investment in fixed capital by 9.4 percent in the first six months of 2005.

Household incomes grew by 8.4 percent, and retail trade went up by 11.3 percent, Itar-Tass reports.

The share of foreign investment in processing industries has been increasing, exceeding 30% in manufacturing industries, 20% in trade and 17.4% in the extractive industry, according to Interfax.

The country’s foreign exchange and gold reserves exceeded 160 billion U.S. dollars, and the Stabilisation Fund had reached “an impressive size”, Fradkov added. He stressed that an active investment policy is a "key to accelerated economic growth in Russia" A.M.