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Business news, 08.05.2005 16:46

Petersburg economy grows 14 percent last year

Petersburg economy grows At a meeting with President Vladimir Putin, the governor of St. Petersburg, Valentina Matviyenko, focused on the economic situation in the city and construction plans.

“Last year the city economy grew over 14 percent,” the governor said. The economic growth rate made up 17 percent in the first three months of this year, she said. This year a record number of apartments, over two million square meters, will be commissioned in St. Petersburg, Matviyenko stressed.

According to the governor, the amount of foreign investments in the city grew 40 percent last year. “We have finished negotiations with Toyota, and signed a memorandum on the construction of a full-scale assembly production in St.Petersburg,” she added. Matviyenko believes the launch of the assembly plant will tell positively on the city economy.

A new plant producing household electronic appliances will be commissioned this year, the governor said. The city authorities have signed an agreement with Bosh-Siemens to begin the construction of a refrigerator plant. An agreement for the construction of a new plant is underway with Elektrosila.

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