June 16th, 2011
05:36 PM GMT
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The Russian government is trying to woo the world as it seeks to increase foreign investment into the country.

In an attempt to diversify from the oil and gas industries, the country is putting money behind investing in new companies.

CNN’s John Defterios reports on the initiative from the St Petersberg International Economic Forum.

June 16th, 2011
12:00 PM GMT
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Stanislav Voskresensky, Deputy Minister of Economic Development, talks about the future of Russia's economy.

He says that although some of the factors that provided high growth rates in the past have gone, he was "betting" on new factors, like investment, infrastructure projects and increased productivity to grow the economy.

He added that Russia's economy will be diversified further and that the country's infrastrucure was more advanced than that of China and India.

"Our (infrastructure projects) is more about modernization than building new things," Voskresensky said.

CNN's John Defterios also asked him about the government's plans to privatize 900 companies.

"We are hiring investment bankers to help us... it is important how we do it and not how many," Voskresensky said.

Filed under: BusinessRussian economic forum

June 16th, 2011
11:40 AM GMT
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Austrian President Heinz Fischer talks about his country's relationship with Russia.

Fischer said: "I know some European countries, because of ther history, are very suspicious vis-à-vis Russia, (but) we have a trustful relationship and we believe it can be expanded economically, politically and strategically."

He says Russia's infrastructure needs development, including the health services, tourism and the energy sector.

Fischer also said it would be better if Russia was a member of the World Trade Organization (WTO).



June 16th, 2011
11:20 AM GMT
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The State Hermitage Museum is synonymous with St. Petersburg, playing an important cultural and economic role in the Russian city often called the Venice of the North.

Mikhail Piotrovsky, director of the museum, said: "This is a great symbol of culture and Russian history.

"Economy of culture is a very import part of the world culture and the economy of the city, we bring a lot of tourists here."

June 15th, 2011
01:25 PM GMT
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Armenian export was worth 20% of GDP in 2000 but it is only 12% of GDP today; the trade balance is still negative.

Armenian Prime Minister Tigran Sargsyan says the Armenian economy is not sufficiently diversified and he wants to boost the country's industrial base.

He says promoting export is still a primary concern and he also discusses the country's complex relationship with neighbor Turkey.

June 15th, 2011
01:01 PM GMT
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Among the BRIC nations, which now includes South Africa too, Russia has a bad rap for its business climate.

It is enjoying the white nights or long days of summer, but it is not considered a bright light when stacked up against its peers.

In the latest World Bank "Doing Business" survey, Russia is at the bottom of the pile of BRIC countries , the bottom of the G-20 list and also in the broader rankings of the major industrialised countries.

CNN's John Defterios takes a look at Russia's economy and the restructuring plans set out by its political and business leaders.

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