CHELYABINSK, March 9 (RIA Novosti) - Foreign investment in the Chelyabinsk Region's economy soared by 75.7% last year on 2005, reaching almost $1.5 billion, Regional Economic Development Minister Yury Klepov told RIA Novosti.
He said the region receives investment from over 50 countries. Cyprus, the largest investor with $496.6 million, or 33.9% of total investment, is followed by Switzerland ($186.5 million, or 12.7%) and the United Kingdom ($166.9 million, 11.4%).
About 100 companies with foreign capital now operate in the region.
In 2006, OMIA Co. of Austria commissioned a marble powder plant there. CarboCeramics of the United States and Rexam PLC of the United Kingdom are building a ceramic proppant plant and an aluminum can factory; moreover, Germany's Henkel will commission an enterprise that will turn out dry construction mixtures, Klepov said.
His Ministry chalks up the increase in foreign investment to the favorable regional investment climate, economic and political stability.
A consultative council on foreign investment now being established in the Chelyabinsk Region will implement a consistent and well-coordinated investment policy.
The council will make the regional investment policy more effective and create additional investment incentives, Klepov said.
