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St. Petersburg plans about $4 billion worth of contracts at economic forum

May 19, 2014, 12:33 UTC+3 ST. PETERSBURG

SPIEF 2014 will take place on May 22-24

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Georgy Poltavchenko

Georgy Poltavchenko

© ITAR-TASS/ Yuri Belinsky

ST. PETERSBURG, May 19. /ITAR-TASS/. St. Petersburg expects 15 cooperation agreements to be signed at the International Economic Forum (SPIEF 2014), Governor Georgy Poltavchenko told ITAR-TASS on Monday.

Almost all of them are framework agreements that could later yield about 130 billion rubles ($3.7 billion), said Poltavchenko.

One of the projects is construction of the 240-hectare residential area Planetograd for 102 billion rubles ($2.9 billion) agreed upon with the Israeli company Morgal Investments and approved by the city’s investment council. The investor would finance social infrastructure and roads, added Poltavchenko.

Another project is a cutting-edge rebar and long steel products facility in the Kolpino industrial zone.

The last-year forum resulted in 16 cooperation agreements and memoranda, thus attracting investments of 130 billion rubles against the expected 100 billion rubles ($2.88 billion).

SPIEF 2014 will take place on May 22-24. The forum comprises of round tables, investment presentations and business meetings will gather presidents, prime minister and parliamentary speakers, proxies of international organizations, entrepreneurs, academics and public figures.

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