Tourist Project Worth $3Bn Approved In Moscow

At today's meeting the Moscow government approved the concept of integral development of the tourist and recreational zone of The Golden Ring of Moscow. The project is to be implemented before 2010. According to Deputy Mayor Iosif Ordzhonikidze, the implementation of the project will require about $3 billion in investments. The Golden Ring will be located in the center of Moscow. It is planned to build 17 new hotels and to reconstruct 2 of the 8 existing hotels in that area within the framework of the project. New buildings with a total area of 2 million square meters, including 19 tourist centers and 14 observation points, are to be constructed inside the tourist zone. Parking lots for about 20,000 cars will also be built. According to information from the deputy mayor, the implementation of the project will allow for increasing the number of foreign tourists in Moscow from 1.5 million to 5 million people a year. Owing to the development of The Golden Ring, the city's revenues from tourism may reach about $2.5 billion a year.