ST. PETERSBURG, June 7 (RIA Novosti) - The Russian president said on Saturday he hopes that global companies will make a significant contribution to Russia's innovative development.

"I think that global companies can play a crucial role in helping [Russia] to achieve the ambitious goals in IT, communications - everything that we refer to as innovative economy," Dmitry Medvedev said, adding that Russia hopes for broad cooperation with such global players.

He said small and medium sized companies were unable to make a significant impact in this sphere.

He also said that the level of foreign direct investment in the national economy was insufficient to ensure its diversification.

Medvedev said Russia needs more long-term investment to ensure its transition to an innovative development model and join the group of the world's five largest economies.

He said foreign direct investment in the country's GDP was around just 5% of the total - mostly in the retail, construction and raw material sectors.

Russia's economics minister said on Friday foreign direct investment in Russia this year could hit about $60 billion compared with $45 billion in 2007.

FDI in Russia was $30 billion in 2006.

The economics ministry has forecast an increase in net capital inflow into the country from $52 billion in 2009 to $105 billion in 2011. The country's trade balance is expected to reach $82 billion, with the average annual oil price standing at $78 per barrel in 2009.