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Mayor says foreign investment in Moscow to double in 2007

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Foreign investment in Moscow's economy in 2007 is expected to more than double year-on-year, reaching up to $60 billion, the Moscow mayor said Friday.
MOSCOW, September 14 (RIA Novosti) - Foreign investment in Moscow's economy in 2007 is expected to more than double year-on-year, reaching up to $60 billion, the Moscow mayor said Friday.

In 2006 foreign investment in the Russian capital was estimated at $25 billion.

"In the first quarter of the year, the volume of foreign investment totaled $18 billion," Yury Luzhkov told representatives of the international business community and members of the Moscow International Business Association (MIBA).

Official figures for April-June have yet to be released, but are expected to be high, the mayor said, adding that the level of investment attracted by the capital was comparable with total foreign investment in the country a whole.

In January-June foreign investment in the Russian economy doubled year-on-year, reaching $60.3 billion.

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