Nov 24, 2008: In Jan.–Sept. 2008, the volume of foreign investment in St. Petersburg economy has reached $4.8 bln

This is 4.2% higher than in 2007.

Most foreign investment has flown in manufacturing of transportation and equipment (11.2%) and food, incl. beverages and tobacco (7.4%), real estate operations, rent and services (6.5%), construction (6.2%), power, gas and water production and distribution (4.2%).

According to Sergey Fiveysky, First Deputy Chair of St. Petersburg Committee for Economic Development, Industrial Policy and Trade, “The volume proves that foreign investors are interested in manufacturing products and rendering services in St. Petersburg. Their interest in tangible assets, in its turn, demonstrates that they have long-term plans to do business in the city. Another trend worth noting is the twofold growth of loans from foreign co-owners in FDI, which again highlights that international business is interested and trusts in St. Petersburg economy.”

Processing industries have received $3.8 bln, which is nearly 80% of the total foreign investment.
The amount of foreign investment in Jan.–Sept. 2008 is 1.6 times as high as in the same period of 2007. The FDI share has grown from 11.8% to 18.4%.

Foreign investment in St. Petersburg economy is 6.3% of Russia’s total foreign investment volume (against 4.8% in Jan.–June 2008). Whereas the overall volume of foreign investment in the Russian economy has dropped 13.8% against Jan.–Sept. 2007, it is still growing in St. Petersburg, which is another proof of international investors’ interest and trust in St. Petersburg economy.

According to Standard & Poor’s, Moody’s and Fitch’s ratings, St. Petersburg belongs to Russia’s most industrially developed regions with a high potential of diversification. The high ratings are based on high economic development pace and innovative opportunities.

http://www.cedipt.spb.ru/www/site.nsf/web/news_24112008122659.html