Foreign investors may be under arrest, Western sanctions may be hurting and economic growth slowing, but Russia is hoping to attract badly-needed investment at its annual Saint Petersburg International Economic Forum, Once dubbed the “Russian Davos” when the country’s economy was booming, the forum hosted by President Vladimir Putin has become a showpiece where Russia strives to show its openness to outside investment despite a tense business climate and a crisis in relations with the West. Running until Saturday, this year’s forum in Putin’s native city is expected to draw some 17,000 participants, according to the Kremlin, the same number as last year. Chinese President Xi Jinping and UN Secretary-General Antonio Guterres are scheduled to give keynote speeches. The event comes as the recovery of the Russian economy has slowed considerably since the beginning of this year. After two years of recession — caused by a fall in oil prices and sanctions for its role in the Ukraine crisis — Russia returned to growth in 2017. But its economy grew by only 0.5 percent in the first quarter of this year. – Searching for private investment – Moscow desperately needs investment if it is to fulfil the ambitious goals announced… Read full this story
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