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Official website of the President of Russia

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Our aim is not simply to attract investment but to create an effective, competitive and modern economy, President Vladimir Putin said at a press conference following the ceremony to open an Italian factory in Lipetsk. Mr Putin noted that Russia needs not just money but also skilled production specialists with new ideas

April 21, 2004

Foreign investment in the Russian economy came to $29.7 billion in 2003 and direct investment amounted to $6.8 billion. The President promised that Russia would continue to create economic, administrative and cultural conditions that would enable investors to feel at home here. The government and the Central Bank have the task of maintaining macroeconomic results in order to ensure investment attractiveness.

Economic cooperation between Russia and Italy is developing at an intensive pace. Italy now holds second place among Russia’s trading partners and annual trade turnover between the two countries has reached a figure of $11 billion.

April 21, 2004