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Italian Direct Investment in Russia May Double in 3-5 Years - Russian Deputy PM

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Italian direct investments volume levels may increase twofold within the next three to five years, Russian Deputy Prime Minister Arkady Dvorkovich said Monday.

ROME (Sputnik) — According to Dvorkovich, the two countries have the potential to make agreements on many new initiatives. He noted that not only major companies, but small and medium enterprises should also be involved, stressing that there were opportunities in various sectors such as agriculture and digital services.

"At the moment, according to the official statistics, Italian direct investments amount to $4 billion. I am sure that the volume [of investments] may be doubled in the next three-five years, I am talking about such sectors as engineering, energy, agriculture, chemistry and transport. I don't doubt that we will be able to double Italian investments to Russia. It will be mutually beneficial for both parties," he said on the sidelines of the presentation of Russian investment opportunities in Rome.

Detail of a European map, including Great Britain, is seen on the face of a Euro coin in London, Britain. - Sputnik International
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"Today we concluded that there is a number of projects regarding which we can make a decision in the next three-four months… One project of [Italian] CNH company in [Russia's Republic of] Tatarstan, the production of tractors and its components, has the highest degree of preparedness. I am sure that we will reach an agreement in the next few weeks. We will conclude the special investment contract, where the commitments will be fixed, and the production of advanced agricultural machinery will begin without prejudice to Russian producers," Dvorkovich added.

On June 28, the European Union officially extended its sanctions against Russia for another six months over the Ukrainian crisis. They are now set to expire on January 31, 2018.

Also on June 28, Italy’s ambassador to Moscow Cesare Maria Ragaglini stressed that the sanctions and counter-sanctions regime should not become a barrier for Italian companies to invest to Russia.

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