SOCHI, Russia, Sept 23 (AFP): French businessmen complained yesterday about the numerous legal and operational difficulties faced by foreign investors in Russia at an economic forum in the southern resort of Sochi.
Investors said they had confidence in Russia's economic potential but pointed to problems including a weak legal framework, bureaucratic delays and ageing infrastructure.
"Our Russia projects take 30 per cent longer than in other parts of the world," said Joel Polo from the French chemicals group Rhodia, which has production in around 25 countries in the world.
The French industrialist was one of the speakers at a roundtable discussion at the Sochi-2007 forum in which France's ambassador to Moscow Stanislas de Laboulaye also took part.
France ranked as the sixth largest foreign direct investor in Russia after Cyprus, Britain, the Netherlands, Luxembourg and Germany last year, official statistics showed.
French President Nicolas Sarkozy is to visit Russia next month.
At the Sochi forum, Philippe Cohen, head of Russian operations for food group Bonduelle, complained about difficulties in transporting the company's tinned sweetcorn from a plant in southern Russia.
Another industrialist, Valery Sazhenkov, director of Schneider Electric, a leading maker of equipment for electricity distribution, said tariffs on the import into Russia of technical components were too high at 15 per cent.
French businessmen complain about Russian investment
FE Team | Published: September 24, 2007 00:00:00 | Updated: February 01, 2018 00:00:00
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