EASTERN COMMITTEE OF GERMAN ECONOMY BELIEVES IN INCREASE OF FOREIGN INVESTMENT IN RUSSIA

Chairman of the Eastern Committee of German Economy Claus Mangold considers the decision of the international rating agency Moody's Investors Service to change Russia's rating to "positive" an important decision, both for Russia and for foreign investors. "Moody's based its decision on three major considerations: high oil prices on global markets, stable rate of economic growth in Russia and a successful reform policy conducted by the Russian government," said Mr. Mangold in an interview with RIA Novosti. "We focus on cooperation in tool-making industry, food and auto industries, and certainly in oil and gas industry," Mr. Mangold underlined. He believes the volume of foreign investment in Russia, including German investment, will have a drastic increase soon. "The upcoming Russian-German conference in Stuttgart will certainly make a significant impact in that sense because it will be mainly dedicated to the subject of investments in Russia," the chairman said. According to Mr. Mangold, the list of the participants speaks for itself - about 400 prominent businessmen and politicians representing both sides. Russian Prime Minister Mikhail Fradkov and German Chancellor Gerhard Schroeder are expected to deliver speeches at the conference.