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. Last Updated: 07/27/2016

Kimmitt Urges Further Russian Investment in the United States

Itar-TassKimmit told AmCham members Thursday that U.S. barriers would be kept low.
U.S. Treasury Deputy Secretary Robert Kimmitt on Thursday invited Russians to invest in the United States and urged the Russian government to help U.S. companies invest in Russia.

"There was tremendous growth" in foreign direct investment to the United States, which reached $169 billion last year, the highest level since 2000, Kimmitt said at American Chamber of Commerce meeting. "FDI creates jobs. It's an important lubricant for the global economy, but it creates jobs at home."

Kimmitt arrived in Moscow on Wednesday for talks with government officials on investing the country's oil windfall in U.S. securities, clarifying rules for foreign investment in Russian strategic sectors and inviting the country to invest in the United States.

"We are open to investment," Kimmitt said. "We're going to work hard to keep investment barriers low and we hope that the same will be the case in Russia and other trading partners of the United States."

Of 1,430 cross-border transactions in 2006, 92 percent did not raise any security concerns, which means only 113 were reviewed by a government committee, Kimmit said. There are "statutory prohibitions" on majority foreign ownership of airlines, media, nuclear enrichment and some transportation companies in the United States.

The "vast majority" of cross-border deals will also be approved after the United States adopts new legislation on foreign investment, he said.