CANADIAN COMPANIES ARE SLUGGISH IN RUSSIA, RSPP SIGHS

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MOSCOW, October 12 (RIA Novosti) - Arkadi Volski, president of the Russian Industrialists' and Entrepreneurs' Union (RSPP), notes the insufficient investment activity of Canadian companies in Russia. He said so at the round table of representatives of Russian and Canadian big business in Moscow on Tuesday.

"The total of accumulated Canadian investments in the Russian economy since 1992 is, in the figures of the State Statistical Committee, 180 million dollars. It is comparable to that of Russian investments in Canada - 120.6 million dollars", Volski said.

At that, Canadian investments go mostly into ore-mining and aluminium projects, he said. Particularly, "the development of the complex-ore field Berezitovoe in the Amur region (Far Eastern region bordering on China); gold-silver and silver fields Dzhulietta and Dukat; gold-ore Kubaka, Birkachan and Tsokol in the Magadan region (Far Eastern region on the Okhotsk sea west coast); preparation and development of the gold-silver field Kupol in Chukotka; Srednetimanski bauxite field in the Republic of Komi (north of European Russia); gold-ore fields Zun-Kholba and Irokinda in Buryatia (Transbaikalia)".

Volski also spoke of the most promising projects of bilateral cooperation in a number of Russian regions. Particularly, designing and building of the second stage of the Sayanogorsk aluminium plant, building of new storages and access routes for Elgaugol in East Siberia, building of a toll road, as well as a pilot geothermal cooling, ventilation and condensing system for an emerging boarding school in the Samara region (Volga region); updating of the Volgograd oil refinery, development of the Kukmorski-Kovalinski oil field, building of a dairy complex in Tatarstan, updating of the Medvezhyegorski Lespromkhoz saw-mill operation.

In addition, "a number of projects in Moscow, St.Petersburg, the North-Western federal district and the Ural region are being developed or already under way", Volski said.

The establishment of business and institutional contacts between the RSPP and the Canadian Business Association in Russia and Eurasia would promote cooperation between Russian, Canadian firms and help in the search for potential business partners, provision of required information on companies and organisations, holding of consultations on issues or differences.

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