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Business news, 22.02.2005 19:05

Investments in Petersburg grow 40 percent last year.

Investments in Petersburg The amount of foreign investments in the economy of Russia’s second biggest city of St. Petersburg grew over 40 percent last year, amounting to 985 million dollars, the press service of the city committee for economic development, industrial policy and trade told Itar-Tass on Monday.

Industry traditionally attracts the bulk of investments. The metal-fabricating industries as well as the food industry are most attractive for foreign investors.

The United States is top on the list of investors, accounting for 24 percent of the entire amount of foreign investments. Great Britain is placed second with 13 percent, and it is followed by Finland and Cyprus, each accounting for about ten percent.

A total of 6.3 million dollars were invested in the economy of St. Petersburg by countries of the Commonwealth of Independent States, of which Ukraine accounts for 5.9 million dollars. This money went mainly to the metal-fabricating industries.

The press service emphasized that St. Petersburg makes further steps to create favorable investment conditions, including as concerns the setting up of new industrial zones and supplying them with engineering infrastructure.

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