Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Gref Sees $10Bln Deals in Sochi

Itar-TassThe Sochi investment forum will bring together delegations from 33 nations.
Up to $10 billion worth of deals could be signed during the sixth Sochi International Investment Forum, taking place this weekend, acting Economic Development and Trade Minister German Gref said Thursday, RIA-Novosti reported.

"Investors are prepared to sign agreements worth $10 billion," Gref said at a Russia-China investment conference in Sochi.

This means that "a fairly stable positive investment climate has been created in the country, and the recent government dismissal is not worrying investors," he said, the agency reported.

Gref told reporters that the forum would bring together delegations from 33 countries and 58 Russian districts, Interfax reported. He added that the 44 regional governors would also be attending, the service reported.

He also said that the government expected to spend $1 trillion on infrastructure through 2020 together with investors.

The State Duma will pass legislation this year granting tax breaks and other incentives to invest in "special economic zones" around the country's main ports, Gref said.

The government plans to spend 400 billion rubles ($15.6 billion) on roads, rail links and other infrastructure in the sparsely populated Far East alone in the next five years.

Gref also said the country's three biggest mobile phone companies had asked the Economic Development and Trade Ministry in Moscow for help in getting licenses to operate in China.

Mobile TeleSystems, VimpelCom and MegaFon are all trying to enter the Chinese market, Gref said, adding that he "hopes" that all three get licenses.

MT, Bloomberg