American Hoteliers in St. Petersburg Fear Losses During 300th Anniversary Celebrations

American businessmen working in the hotel trade in St. Petersburg fear that they may suffer losses during the city's 300th anniversary celebrations. Members of a delegation from the US House of Representatives expressed this concern in a meeting with Presidential Plenipotentiary for the North-West Federal District Viktor Cherkesov. The delegation is led by David Dreier, the head of the Committee on Rules of the House of Representatives. American businessmen believe that the increase in the number of tourists coming to St. Petersburg in May and June 2003 will lead to a fall in prices for hotel services.

The Plenipotentiary's press office announced that the meeting included discussions of the economic situation in the area and of factors which could help improve the investment climate in North-West Russia. Both sides noted that a stable tax code which is consistent at both the federal and regional levels will help to increase investment in Russia's regions.

In addition, agreement was reached on establishing working contacts between local education authorities and on an exchange of know-how between local authorities in several US states and North-West Russian regions.