This study considers the empirical relationship between economic growth
and foreign investment in Russian regions. The data on several types of
foreign investment over the last few years are given. One main result is
a considerably sharp division of Russian regions into the receivers of
direct and indirect foreign investment. Another main result is the lack
of significant correlation between foreign investment and economic growth.
The latter result is explained by the pinpoint nature of foreign investment
and by the export orientation of investment projects.
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