Medvedev defends Russian foreign investment law

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SAINT PETERSBURG, June 8 (AFP): President Dmitry Medvedev yesterday defended Russia's new law on foreign investment in "strategic" economic sectors as a top business executive warned of the legislation's potential "danger."

"It's a concrete document, covering 42 areas of economic activity.... The law is similar to procedures in the United States. Except ours is simpler," Medvedev said at the economic forum in Saint Petersburg.

"If you want to invest in strategic sectors you have to agree it with the government," Medvedev told key foreign investors in Russia, including the chief executives of energy majors BP, Enel and Shell.