UN SHOULD ENCOURAGE FOREIGN INVESTMENTS IN CIS

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GENEVA, February 23 (RIA Novosti's Yekaterina Andrianova) - The United Nations Economic Commission for Europe (UNECE) should offer political backing for direct foreign investments in Commonwealth of Independent States (CIS) countries, Russian Deputy Foreign Minister Yuri Fedotov said at the 60th meeting of the Commission in Geneva.

Mr. Fedotov believes donor aid, financial and technological cooperation with international organizations should be used more efficiently.

The meeting participants discussed the mane conclusions of the first 2005 economic review for Europe made by experts of the UNECE that comprises 55 countries.

"We have some critical remarks about the review. However, on the whole it gives a considered and balanced picture and offers an interesting analysis of the economic situation in Europe. The report could contain more specific recommendations, long-term evaluation in terms of ensuring more sustainable economic development in Europe and a brisker growth rate," Mr. Fedotov told RIA Novosti.

UNECE experts predict that CIS countries will preserve leading positions in Europe in terms of economic growth rate, although their growth will slow down somewhat. Russia's GDP, for example, will increase 5.8% compared to 6.8% in 2004, while the CIS countries' economic growth in 2005 will be 6.4% overall against 7.9% in 2004.

In the short term, the CIS' economic development will depend on the situation on the petroleum and other natural resources markets, according to UN experts.

Mr. Fedotov spoke out against dividing European countries into groups, saying that "an emphasis should be placed on eliminating present dividing lines in Europe, rather than emphasizing them."

"This is a special, 60th, meeting. Naturally, it has stirred an intense interest, particularly at the present moment when it is important to prevent new dividing lines from appearing in Europe and avoid an unnatural division of European states into different categories: EU members, the countries that intend to join it, and the rest that are treated like students and are given lectures, while the latter's interests are not given a due heed," said the deputy minister.

Yuri Fedotov said Russia would continue cooperating with the commission as it was the most universal of all the UN bodies in charge of economic issues in Europe.

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