EASTERN COMMITTEE OF GERMAN ECONOMY BELIEVES IN INCREASE OF FOREIGN INVESTMENT IN RUSSIA

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BERLIN, October 26 (RIA Novosti's Taras Lariokhin) - Chairman of the Eastern Committee of German Economy Claus Mangold considers the decision of the international rating agency Moody's Investors Service to change Russia's rating to "positive" an important decision, both for Russia and for foreign investors.

"Moody's based its decision on three major considerations: high oil prices on global markets, stable rate of economic growth in Russia and a successful reform policy conducted by the Russian government," said Mr. Mangold in an interview with RIA Novosti.

"There is no doubt that such a decision bodes well for Russia and foreign investors," added the chairman of the committee. He stated that German economy has developed intensive cooperation with Russia in all branches.

"We focus on cooperation in tool-making industry, food and auto industries, and certainly in oil and gas industry," Mr. Mangold underlined. He believes the volume of foreign investment in Russia, including German investment, will have a drastic increase soon.

"The upcoming Russian-German conference in Stuttgart will certainly make a significant impact in that sense because it will be mainly dedicated to the subject of investments in Russia," the chairman said.

According to Mr. Mangold, the list of the participants speaks for itself - about 400 prominent businessmen and politicians representing both sides. Russian Prime Minister Mikhail Fradkov and German Chancellor Gerhard Schroeder are expected to deliver speeches at the conference.

"This time we will focus on German medium-size businesses," said Mr. Mangold. "The purpose of the forum is to show them the benefits of cooperation with Russia, and discuss openly the risks involved."

In his opinion, the so-called Yukos case interferes with the flow of foreign investment in Russia.

"Certainly, it is a separate case; however, it had a negative impact on foreign investors," emphasized Mr. Mangold. At the same time, he expressed hope that the situation will be resolved soon, and the "shadow of Yukos" will cease to cast over the investment climate in Russia."

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