Investment in Russian Economy Grows by 11.2% in 2003, Compared to 2.6% in 2002

Investment in the Russian economy grew by 11.2% in 2003 compared to 2.6% last year, said Finance Minister Alexey Kudrin at a session of the Federation Council. Investment in the economy not connected with the fuel and energy complex is growing, according to the prognosis of the Finance Ministry, by 9.1%. 'This means that growth in industries in the non-energy sectors of the economy is also on the upswing,' said Kudrin. He added that growth of industrial production in 2003 is expected to be 6.7% (6.5% in non-energy sectors).

Kudrin said that the most important goal facing the government in the near future is the 'diversification of the economy and development of sectors not connected with fuel and energy, where 65 million people are employed.' This will allow for the creation of a 'new base for a healthy economy,' said Kudrin.