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. Last Updated: 07/27/2016

St. Pete Nets $137M

ST. PETERSBURG -- Foreign investments in St. Petersburg in the first nine months of the year have reached $137 million, Governor Vladimir Yakovlev told the city council for promoting investments Monday.

He said the bulk of investments were channeled to several major projects, among them the modernization of the Baltika company, with a total cost of $70 million, and the construction of a high-speed railway to Moscow, requiring $270 million at the initial stage.

Among the city government's priorities, Yakovlev named "the creation of maximally favorable conditions for foreign companies, in particular stable taxation" and effective legislation and law enforcement.