German Investment in Russia to Reach $3.3Bln by Year-End

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German investments in the Russian economy could reach up to 3 billion euros ($3.3 billion) by the end of the year, Russia’s First Deputy Economic Development Minister Alexey Likhachev said Friday.

German Chancellor Angela Merkel, right, and Foreign Minister Frank-Walter Steinmeier wave as they attend a meeting of the German Federal Parliament, Bundestag, at the Reichstag building in Berlin, Germany, Thursday, Sept. 24, 2015 - Sputnik International
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BERLIN (Sputnik) – The minister confirmed German data indicating that German firms invested nearly 1 billion euros into the Russian economy in the first half of the year.

"Last year the sum [of investment] clearly topped 1 billion, and this year’s pace is higher than in 2015… Let us hope for the best that it will reach nearly 3 [billion euros]," Likhachev told reporters after the first in three years Russian-German working group on strategic cooperation.

Earlier, the chairman of the German-Russian Chamber of Foreign Trade said that German enterpreneurs are likely to invest almost one billion euros (over $1.1 billion at current exchange rate) in the Russian economy this year.

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