Russia » Economics

Foreign Businessmen Ready to Invest in Chechen Economy - 18 March, 2003

Foreign businessmen are ready to invest in the Chechen economy, Aslambek Aslakhanov, a deputy of the Russian State Duma, or the lower parliamentary house, said as addressing a press conference at the RIA Novosti news agency on Tuesday.

The MP, who has lately met representatives of the US business community, said they were ready to invest on certain conditions, namely regional stability, personal security and private property safety.

Among other possible investors Mr Aslakhanov named Arab sheikhs and Swiss banks.

Russian business executives too would contribute to Chechnya's revival if the above conditions were ensured, noted the MP.

When Chechnya has been given a special status within the Russian Federation, an emphasis should be placed on its economic and social development, believes Mr Aslakhanov. "Chechnya must become an investment friendly territory," he emphasised.