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. Last Updated: 07/27/2016

Premier Forecasts Investment Growth

Annual foreign investments in Russia's economy will rise to $20 billion by the year 2000, with direct investment making up half of the expected funds, Prime Minister Viktor Chernomyrdin said Friday at an international business conference in Davos, Switzerland.

He stressed that "even today it is quite obvious that this goal is attainable and realistic."

What matters most for Russia today are its opportunities for investment in the near future and its ability "to become a priority area of investment in the world economy at the turn of the century."

Before potential investors decide whether it is worthwhile to invest in Russia, they should take into account the macroeconomic indicators of the country's development last year, he said.

First Deputy Prime Minister Anatoly Chubais told the group that he expected gross domestic product to grow 2 percent to 4 percent in 1998 after 1997's 0.4 percent increase, despite Asia's market turmoil. "I can say that the worst is over. In Russia, 1997 was the first year of real economic growth," he said.

(AP, Reuters)