According to Sergey Vetlugin, Vice-Governor and Chairman of the Committee of Economic Development and Trade of the Administration of St. Petersburg, in 2001, the overall volume of capital investments into the city increased by 14% to nearly $1.64 milliard. Most of the money was invested into industry. Over the year, total foreign investments in St. Petersburg reached $1.171 milliard, most investors representing the Netherlands ($410 million), the U.S. ($220 million), and Finland ($181.9 million).

According to Alexander Ivannikov, a Deputy Chairman of the Committee, over the first quarter of 2002, the administration of St. Petersburg continued its efforts to make the city more attractive to investors. Among very few Russian cities, St. Petersburg participated in the MIPIM exhibition in Cannes, presenting such public investment projects as the development of Sea Port of St. Petersburg, the Tsarskoselskaya tourist zone, and a number of private projects. Also, representatives from the St. Petersburg city administration attended an international seminar held by the Chamber of Commerce and Industry in Paris.

Mr. Ivannikov said, there were plans to create a single informational window for investors in St. Petersburg and to change the procedure of leasing real estate to investors with the inclusion of feasibility studies for projects and developing multiple investment versions. There is a suggestion to create complex programmes for the development of various areas in the city, which may also seem attractive to investors.

News source: Rosbalt
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