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Industry continues to account for the mainpart in the sector structure of foreign investments in the Russian economyraised in January-September 2001. Foreign investments channeled to the Russianeconomy during 9 months of 2001 totaled $3,755 mln, which is 13 percent higheragainst the same period of the preceding year.

Figure 29

With the absolute investments in industrygrowing, a drop in its share is determined by higher growth rates of foreigninvestments in the other sectors of the Russian economy. Thus, foreigninvestments in trade and public catering during 9 months surged 2.1-fold and ingeneral commercial activity – by 3.6 times. A growing share of these areas in investmentstestifies to a certain shift of foreign investors’ interest to the sectorsgenerating quick paybacks.

In early November 2001 an announcement wasmade about the Russian-US New Economy Fund (NEF) being set up – a venture fund specializing ininvestments in the information and science-intensive technologies in Russia. Ahigh entrepreneur interest in this market will enable the Fund to invest over$100 million in the Russian companies in the coming three years. According tothe Fund’s founders,the most promising are investments in science-intensive and telecommunicationstechnologies.

The Bank’s of Russia reduction, of theminimal amount of the charter capital for foreign banks’ subsidiaries being set up inRussia will have a beneficial effect on attracting foreign investments toRussia’s bankingsector. The minimal amount of the charter capital Russian banks and theirsubsidiaries being set up has been made equal, established at 5 million euro(earlier it amounted to 10 million euro in the ruble equivalent for foreignbanks).

Out of the aggregate direct investments,19.5 percent was channeled mainly to transport in 2001 (21.4 percent in 2000),12 percent to food industry (18.5 percent in 2000), 19.2 percent to trade andpublic catering (18.9 percent in 2000), 10 percent to fuel industry (10 percentin 2000), 6.5 percent to machine building and metal working (4.4 percent in2000).

Figure 30

Out of the aggregate direct investments,19.5 percent was channeled mainly to transport in 2001 (21.4 percent in 2000),12 percent to food industry (18.5 percent in 2000), 19.2 percent to trade andpublic catering (18.9 percent in 2000), 10 percent to fuel industry (10 percentin 2000), 6.5 percent to machine building and metal working (4.4 percent in2000).

The sector structure of foreign investmentsin industry in 2001 is characterized by a lower concentration in the miningsector.

The structure of foreign investments inindustry in 2001 corresponds to that of their total volume, characterized by asmaller share of direct foreign investments against the backdrop of growingvolumes of other investments. Thus, in 2000 the share of direct investments inindustry in the total investments in this sphere amounted to 39.1 percent,portfolio investments stood at 1.4 percent and other at 59.5 percent, but inJanuary-September 2001 the share of the former dropped to 31.8 percent, of thesecond and the third group went up to 3.4 percent and 64.8 percent,respectively.

Table27

The sector structure of foreign investmentsin industry in 1999-2001

In USD million

In percent of the total

In percent of the same period value in theprevious year

1999

2000

9 mon. 2001

1999

2000

9 mon. 2001

1999.

2000.

9 mon. 2001.

Industry total, including:

4876

4721

3755

100%

100%

100%

3,8%

-3,2%

13,0%

Fuel

1700

621

591

34,9%

13,2%

15,7%

-9,5%

-63,5%

39,4%

Metallurgy

928

1094

1148

19,0%

23,2%

30,6%

79,5%

17,9%

53,7%

Machine building and metalworking

395

470

404

8,1%

10,0%

10,8%

/

19,0%

12,2%

Food

1415

1786

1038

29,0%

37,8%

27,6%

-3,7%

26,2%

-17,6%

Wood processing and pulp andpaper

193

257

176

4,0%

5,4%

4,7%

/

33,2%

-3,8%

Other sectors

245

493

398

5,0%

10,4%

10,6%

-70,5%

101,2%

13,4%

The most direct investments in industry inJanuary-September 2001 (54 percent) went to the fuel and food industry (24.6and 29.4 percent, respectively). The share of metallurgy and food industryconstituted 66.7 percent (38.6 and 28.1 percent, respectively) in the structureof other investments in industry.

2001 witnessed continued differentiation ofthe Russian regions in volumes of foreign investments in the economy of the RFsubjects. For example, the volume of foreign investments attracted to theregion’s economy in2001 doubled in the Sverdlovsk oblast. Most active in the Urals market areEuropean and US investors. Foreign investments flow mainly to metallurgy,processing and foods industries.

$293.8 million of foreign capital wereinvested in the economy of the republic of Tatarstan during 9 months of 2001,which is 5.3 times more than in the same period of 2000.

Funds from 107 countries were invested inRussia’s economy inJanuary-September 2001 (from 108 countries in 2000 and 96 countries in 1999).The leader is the USA with 12.6 percent, followed by Switzerland with 9.8percent of the total volume.

Figure31

As a result of 9 months of 2001, theleaders in the total volume of accumulated foreign investments are the USA,Germany, Cyprus, France and Great Britain with a 70 percent share (73.1 percentin 2000). The top five investor countries also account for 64.5 percent ofdirect investments (69.3 percent in 2000), 90.7 percent of portfolioinvestments (48.4 percent in 2000) and 77 percent of other investments (76.1percent in 2000).

Table 28

Foreign investment inflows from the keyinvestor countries to the Russian economy in 2000-2001

Country

Accumulates as of

Invested in USDmillion

End of

2000

October 1, 2001

Key investmentareas

2000

9 months of 2001

Total

32 005

34 418

10 958

9721

USA

7 030

5 547

Total

1 594

1 226

Including:industry

690

457

Transport andtelecommunications

647

367

Germany

6 529

5 951

Total

1 468

793

Including: food

195

149

Telecommunications

383

n/a

Finance, credit,insurance, pension insurance

102

34

Management

297

-

Table 28 (cont’d)

Country

Accumulates as of

Invested in USDmillion

End of

2000

October 1, 2001

Key investment areas

2000

9 months of 2001

Cyprus

4 230

5 452

Total

1 448

1 874

Including: food

257

137

Transport

171

103

Management

381

-

France

3 353

3 749

Total

743

938

Including: machine building andnon-ferrous metallurgy

235

100

Management

250

-

Agriculture

10

n/a

Great Britain

2275

3 367

Total

599

845

Including: construction

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