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Russia needs $1 trillion investment to modernize economy - Ivanov

February 11, 2008 | RIA Novosti)

Russia needs $1 trillion in investment to modernize its economy, Russian First Deputy Prime Minister Sergei Ivanov said on Sunday.

Ivanov, who spoke at an international conference on security in Munich, said Russia would like to focus on private investment while state support was a catalyst for investment processes and a guarantee for financial investment by business, including foreign investors.

Ivanov said Russia had contributed $21 billion to the charter capital of the country's development institutions, including the Venture Capital Company, the Investment Fund and the Development Bank, and would transfer another $18 billion in 2008.

The first deputy prime minister said Russia may join the world's five largest economies by 2020 in terms of GDP.

"We have set a clearly defined goal for a perspective: Russia must join the group of the world's five largest economies by 2020 in terms of GDP, with an income of more than $30,000 per Russian citizen," Ivanov said.

Ivanov said western countries should not fear the growth of the Russian economy, adding that Russia's influence on global processes will continue to grow.

Ivanov said Russia's GDP had grown 80% in the past nine years compared with the world's average of 46.4% while net capital inflow into the country doubled in 2007 to $82.3 billion.

Ivanov also said Russia would honor all its obligations for energy product supplies to consumer countries.

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