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Business news, 29.01.2004 12:33

Foreign investment in Saint Petersburg dropped by 15% in 2003

Vladimir Blank, head of the city's committee for economic growth Foreign investment in Saint Petersburg last year came to USD 750 million, a drop of 15% year-on-year, according to provisional figures. This was announced to journalists on January 27 by Vladimir Blank, head of the city's committee for economic growth, industrial policy and trade. He claimed that the drop in foreign investment came as a result of 'political instability caused by the changes in the city administration and also the subdued investment climate.'

According to Mr Blank, investments in the city's fixed capital rose by USD 643 million to USD 3.1 billion. More than half of this sum came as budget funds which were allocated to the city in order to celebrate the city's 300th anniversary.

News source: www.rosbaltnews.com

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