Russia ranks 11th among the most attractive countries for foreign direct investment (FDI) in Europe, according to a new study by Ernst & Young, which will be presented on June 3 at the St. Petersburg International Economic Forum.
According to the research, the number of investment projects in the country has decreased to 2014 levels due to the Covid-19 pandemic.
"In 2020, foreigners invested in 141 projects in Russia. Compared to 2019, the number of FDI [projects] in Russia has decreased by 26%," the study said.
According to EY experts, this is comparable to the dynamics in other European countries where the average percentage of FDI decrease was 21%.
"The number of FDI projects in Russia in 2020 is close to the indicators of 2014. International investors implemented fewer projects last year than they could in more favorable conditions," EY managing partner for CIS countries Alexander Ivlev said. “Amid the global economic downturn, the pandemic had an impact comparable to the sanctions shock of 2014," RT cited him as saying.
