Swiss Invest USD 1 Billion in Russia in 2002

Swiss investors directly invested USD 1 billion in the Russian economy in 2002, said Swiss Ambassador to Russia Walter Fecherin at a press conference entitled 'Mutual relationship of Russia and Switzerland' in Moscow on April 30. Fecherin said that primary investment was in the raw materials sector and processing industry.

He also said that the dynamic of the trade turnover between the two countries was 'very good and positive.' The import into Switzerland from Russia of raw materials including palladium totalled USD 1.2 billion. For its part, the Swiss side exported to Russia consumer goods, heavy industry items and pharmaceuticals totalling USD 600 million. Fecherin said that Nestle and Shingler, which produces elevator equipment, were among the largest investors.

Fecherin also said that the 'bi-lateral economic cooperation between the two countries has increased by 10%' annually. 'Economic relations between the two countries are especially active in Bashkiria, Perm region and St. Petersburg,' he said. Fecherin said that the Swiss side intends to 'also develop mutually advantageous cooperation with Russia in the area of high technology.' 'There is a very high level of fundamental science in Russia, and applied science in Switzerland. The goal of our cooperation would be to unite these two problems in one,' he said.