Germany's Metro AG holding plans to invest up to 1 billion euros in Russia's economy, the Chairman of the holding's Board of Directors Hans-Joachim Koerber announced. One of the goals of Koerber's visit to Russia is to expand the holding's business to Russia's regions. The holding plans to open up to 50 new stores in Russian regions, he noted. First of all, the holding is interested in cities in the Volga Federal District. Currently, the holding has four stores in Moscow and one in St. Petersburg.
In 2000 to 2003, Metro AG invested about 150 million euros in Russia. The holding's total turnover stands at 51.5 billion euros in 26 countries, the Russia Journal reported.