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Business news, 16.06.2003 12:43

Moscow mayor: development of Saint Petersburg is important for Moscow

Mayor of Moscow Yuri Luzhkov The development of Saint Petersburg is important for Moscow. As mayor of Moscow Yuri Luzhkov announced at a press conference today, it is these two cities which foreign tourists want to visit. Subsequently, a beautiful Saint Petersburg is good for Moscow and vice versa. However, Mr Luzhkov did point out that Saint Petersburg is still not as attractive for investors. In his opinion this is because many of the older buildings in the city, in which foreigners could invest capital, are privately owned and so it is not profitable for foreign investors to put money in these projects. On the other hand as a city 'Saint Petersburg is very attractive for investors.' The authorities simply have to find a solution by financing unprofitable projects or providing regions of the city for reconstruction.

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