November 18, 2003
Investors remain bullish about Russia's technology sector despite the perceived setback to democratic institutions with the government's recent arrest of an energy mogul on fraud and tax evasion charges. The positive assessment of the Russian economic landscape was evident at U.S.-Russian investment symposium here last week.
"The arrest of Mikhail Khodorkovsky has of course clouded investment perspectives," said Eugene Lawson, president, U.S.-Russia Business Council. "But I believe it is a bump in the road when you take into account Russia's past and the coming elections."
While investment in oil and other natural resources continues to play a central role, panel sessions and the keynote address emphasized investment in other sectors such as telecommunications and information technology. Indeed, the conference theme, "Toward Diversification of the Russian Economy," sought to generate investment in Russia's technology infrastructure.
"Sixty percent of Russian IT companies are from the private sector," said keynoter Leonid Reiman, Minister for Communications and IT. "This sector is growing at from 15 to 40 percent each year. There are even three Russian telecom companies on the New York Stock Exchange."
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