MOSCOW, June 3 (RIA Novosti) - The St. Petersburg International Economic Forum helps to attract foreign investors in large-scale projects, Vladimir Torlopov, head of the Komi Republic in northwest Russia, said in an interview on Tuesday.
The St. Petersburg International Economic Forum, to be attended by President Dmitry Medvedev, will bring together world leaders to discuss key economic issues facing Russia and the international community.
Traditional participants include presidents, prime ministers, heads of government and ministers from a number of countries, as well as the international business elite and chief editors from leading global media publications.
"We take part in the St. Petersburg economic forum annually as it is one of the most prestigious events not only in Russia, but worldwide," he said.
Torlopov added that Komi's natural resources have large investment potential. The republic has 80% of all Russia's quartz deposits, 50% titanium and over 30% bauxites.
"Besides, we are the only region in the European north to have dense forestry resources, including virgin forests," the governor said. "From the point of view of pulp production, timber and other processed products Komi could be ranked as one of the most promising regions."
Foreign investment in the region amounted to $390 million in 2007, while this year the figure is expected to double and reach $788 million. Over 100 enterprises with foreign capital are currently operating in the region.
The international rating agency Fitch Ratings has changed the outlook for its long-term ratings for the Komi Republic from stable to positive.
