According to the Russian Deputy Prime Minister, Alexander Novak, who is responsible for the North Caucasus Federal District, there is an investment boom in the Caucasus. The official spoke about this at the plenary session of the international exhibition and forum "Russia".
"Our financial institutions have turned their attention to the region. Banks have begun to work actively, and lending is underway",
Alexander Novak said.
Novak also added that tourism may contribute up to 10% to the GDP of the Caucasus and Kalmykia regions, thus exceeding the Russian President's requirement. Vladimir Putin had earlier announced the need to increase the share of domestic tourism in the country's GDP to 5%
