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Stepping into the XXI century2000This New East issue is dedicated to St. Petersburg's foreign economic activities on the cusp of two centuries, as well as our city's position in the world market and its rapidly developing relations with foreign countries.
Our issue describes the foreign trade turnover's dynamics and structure and presents the opinions of Petersburg and foreign businesspeople on the ongoing processes. We must bear in mind that the August 1998 crisis resulted in a serious reduction of imports but in 1999 foreign trade began to grow again and made up 1.7 billion dollars in the first 9 months of that year. Exports for the same period made up 1.2 billion, while machine construction comprised almost a half. This issue also presents materials about foreign investments. We give numerous examples of successful investing in and crediting of Russian enterprises in the Petersburg economy. We show that despite negative forecasts this economic sphere has witnessed much success. The figures speak for themselves: in 1996 currency investments made up 140 million dollars, but in the first 9 months of 1999 they made up 338 million. As to ruble investments, they are growing even faster. We highlight the attractiveness of St. Petersburg for foreign businesses. Our city has entered the new millenium ranked first in Russia in terms of minimum investment risks and occupies second place for investment potential and number of working joint ventures and foreign companies. |
Petersburg's rich market and diversified industries have always been of great interest to foreign investors. Their interest has significantly increased due to the financial stability and industrial recovery that was reached by the end of 1999. Our analysis of this situation in some of the articles and interviews reveals the reasons for those changes. We explain the measures the city has taken to increase St. Petersburg's long-term Eurobond currency rating which has overtaken the rating of Moscow and Russian Federation as a whole.
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