Despite tense relations with the West and sanctions risks, Russia remained one of the 10 most popular destinations for foreign investment in Europe in 2018, says a new rating by Ernst & Young, according to RBC.
Russia was the ninth most attractive investment destination among European countries, despite the fact that the number of foreign investment projects slightly decreased year-on-year from the country’s record-high 238 to 211, says the document, published by the consultancy this week.
Production remained the most attractive industry in Russia for foreign investment, but the number of projects in this area fell by 29% (to 127). In the field of sales and marketing, a total of 41 projects were registered, almost double the figure from last year.
The number of projects from the United States increased by almost 74%, from 19 to 33. That is, Americans accounted for almost 16% of all projects in Russia. American investors participated in 11 projects in Moscow and the Moscow region, as well as four projects in St. Petersburg and the Leningrad region.
The report says the United Kingdom, which is still struggling to complete its withdrawal from the European Union, keeping businesses and investors in limbo, nonetheless preserved its leading position in the rating with 1,054 foreign investment projects in 2018. The country did lose over 150 projects compared to 2017.
France slightly improved its standing in the rating, going up one spot and driving Germany out of the second place with 1,027 foreign investment projects.