MOSCOW, June 5 - RIA Novosti. Mordovia's Governor Nikolai Merkushkin told RIA Novosti that the St Petersburg International Economic Forum (SPIEF) helps improve the republic's image in the eyes of investors.
"Our economy has received investments from 23 countries in the past year, mostly from Britain, Switzerland, and Kazakhstan. The forum is bound to enhance Mordovia's appeal for potential investors. We are ready to offer them the best possible business environment," he said.
Merkushkin noted that for the last five years annual economic growth in the republic was between eight and ten percent - almost fifty percent more than the Russian average. "Moreover, unlike most Russian regions, Mordovia's potential is based on processing industries. Last year, they accounted for 89% of the total volume of industrial production," he said.
Merkushkin believes that Mordovia is most competitive in the car building, electro-technical and food industries and agriculture. "But we believe that investors are primarily attracted to the development and introduction of innovative technologies in all industries," he added.
