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Foreign direct investment in Russia could reach $50 bln in 2007

MOSCOW, November 13 (RIA Novosti) - Foreign direct investment in Russia could almost double, year on year, in 2007 to $50 billion, the chief economist of Deutsche Bank in Russia said on Tuesday.

Yaroslav Lisovolik told an international investment forum in Moscow that Russia's accession to the World Trade Organization would contribute to larger foreign direct investment in the country. According to his estimate, Russia could join the world's trade club already by the end of the first half of 2008.

Igor Shuvalov, an aide to the Russian president, earlier said foreign direct investment in Russia, which was reaping benefits from high world oil prices, exceeded $40 billion in the first nine months of the year.

According to Russia's Finance Ministry, foreign direct investment in Russia totaled $26.2 billion in 2006. The ministry's initial forecast projects foreign direct investment to reach $30 billion in 2007 and $39 billion in 2008.

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