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#1 - JRL 2006-218 - JRL Home
Zhukov forecasts investment boom in Russia in next 10 years

SOCHI. Sept 29 (Interfax) - Russian Deputy Prime Minister Alexander Zhukov said he thought Russia would see a "genuine investment boom" during the next ten years.

"The Economic Development and Trade Ministry is proposing an essentially new agenda related to a sharp increase in investment activity. If the ministry's proposals are put into practice - and the government ha almost approved them - then the investment climate will improve considerably and we can expect a genuine investment boom in the next ten years," Zhukov said at the fifth international investment forum in Sochi.

"These 11 initiatives could be stronger than Stalin's ten thrusts," Zhukov said.

German Gref, the economy minister, listed 11 areas in which the investment climate can be improved and investments encouraged. They are: the creation of a Russian Venture Company, special economic zones, techno-parks, updating the special federal programs, making new sectors (besides the car industry) subject to the industrial assembly regime, creating a Development Bank, increasing the use of concessions, support for industrial design, cluster policy, and developing business education.

Regarding the regional authorities, Gref said: "The federal authorities create the wind and the regional authorities open their sales. There's enough wind right now to carry economic growth to 7%-8% annually, but the regions are sailing in different directions," he said.

"It's important right now to show all regions where we are sailing to and help them to open their sails properly," Gref said.