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NEW YORK, June 28 /PRNewswire/ - The Government of the Republic of Karelia will showcase the investment opportunities of the timber- and mineral-rich Russian northwestern region during the first ever official visit to the United States.
The delegation of Karelian officials and businessmen, headed by the Chairman of the republic's government Mr. Sergei Katanandov, is arriving in the US on Monday, June 28, and will hold a series of presentations and negotiations in New York, Minnesota and Vermont.
On Tuesday, June 29, the delegation will host a presentation - BUSINESS DEVELOPMENT AND INVESTMENT OPPORTUNITIES IN THE REPUBLIC OF KARELIA - for potential investors. The presentation to be held at the Consulate General of the Russian Federation in New York will be followed by a press-conference and a reception.
The Government of the Republic of Karelia considers foreign investments, the use of modern technologies, renewal and expansion of production capacities as a priority task for sustained economic growth. All government agencies of Karelia have been instructed to assist in establishing long-term connections between Karelian and American businessmen.
In the course of the delegation's visit US companies will have an opportunity to get firsthand contacts and information on the business environment in Karelia not only from the government officials but also from the representatives of the biggest Karelian timber and woodworking companies such as JSC Karellesprom, ZAO Zapkarelles, ZAO Nord Inter House, ZAO Shuyales.
The Republic of Karelia is a constituent part of the North-Western Federal District of Russia. It is located at the border of the Russian Federation and European Union (Finland), at the intersection of major routes connecting
central regions of Russia and countries of the EU.
The major part of Karelia's territory (148 000 sq.km. or 85%) is comprised of state forest stock. The total of timber resources is 807 million cubic meters. More than 50 minerals, including iron ore, chrome and titanium-
magnetite ore, vanadium, molybdenum, gold, crimson quartzites, granite and marble are found in Karelia's soil. Virgin woods, clean lakes and rivers, historical and cultural monuments attract hundreds of thousand of travelers to the republic and tourism is one of the major economic sectors currently on the rise.
Karelia has a well-developed transport infrastructure. Water venues connect Karelia with the Barents, Baltic, Black and Caspian Seas (through the system of rivers, lakes and canals). Federal railways and highways cross
Karelia and connect Murmansk Region and Murmansk sea-port with St.-Petersburg, Moscow, the center of Russia and Finland. Regular airline service connects Karelia's capital city of Petrozavodsk with Joensuu and Helsinki in Finland.
The amount of foreign investments has increased seven-fold since 1998 and exceeded 34 million dollars in 2003. Finland occupies the leading position in terms of investments in Karelia /25%/, followed by Germany /12%/ and
Norway /11%/. American investments make up 5 % of the total.
Presentation and press conference in New York will be held on Tuesday, June 29 at the Consulate General of Russian Federation at 9 East 91 Street / Between Fifth and Madison Ave./, 5 till 9 pm. Reception is to follow.
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