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

Business & Economy May 19, 2014, 12:33

SPIEF 2014 will take place on May 22-24

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.

Read more on the site →