St Petersburg plans about $4 bln worth of contracts at economic forum

ST. PETERSBURG, May 19 (Itar-Tass) - St. Petersburg expects 15 cooperation agreements to be signed at the International Economic Forum (SPIEF-2014), Governor Georgy Poltavchenko told Itar-Tass on Monday. Almost all of them are framework agreements that could later yield about 130 billion roubles ($3.7 billion), said Poltavchenko. One of the projects is construction of the 240-hectare residential area Planetograd for 102 billion roubles ($2.9 billion) agreed upon with the Israeli company Morgal Investments and approved by the city’s investment council. The investor would finance social infrastructure and roads, added Poltavchenko. Another project is a cutting-edge rebar and long steel products facility in the Kolpino industrial zone. The last-year forum resulted in 16 cooperation agreements and memoranda, thus attracting investments of 130 billion roubles against the expected 100 billion roubles ($2.88 billion). SPIEF-2014 will take place during May 22 - 24. The forum comprised of round tables, investment presentations and business meetings will gather presidents, prime minister and parliamentary speakers, proxies of international organizations, entrepreneurs, academics and public figures.