Zee Beam News

NOVO-OGARYOVO, April 2 (RIA Novosti) - Russian authorities will continue to create favorable conditions for foreign investors, outgoing President Vladimir Putin said Wednesday. "We intend to continue with a policy of encouraging and improving the climate for foreign investors, including using administrative regulation and investment laws," Putin said at a meeting with Italian businessmen at his country residence near Moscow. The president's comments came after the country's lower house of parliament, the State Duma, approved earlier on Wednesday a bill restricting foreign investors' access to "strategic" sectors of the economy. The bill requires foreign investors seeking to buy a stake of more than 50% in a company in one of 42 key sectors to receive government approval. A commission comprising economists and security officials will review such deals. State-controlled foreign companies will be required to seek permission to acquire more than 25% of shares in enterprises of strategic sectors, which include oil, gas, the nuclear industry, arms production, fisheries, airspace, and the media. Putin, who will step down in May to give way to his ally Dmitry Medvedev, said Russia's continued economic growth has encouraged foreign investment. "As a result nearly $121 billion was invested in the Russian economy in 2007, which is an almost 2.2-fold increase on the previous year." Putin met with 15 Italian business people, including top executives of energy group Eni, Enel, Finmeccanica industrial group, home appliance producer Indesit, Ferrero chocolate producer and other companies.