Investments into RF transport industry may total RUR 900 billion by year end – Transport Minister

RF Ministry of Transport thinks the investments into the transport industry of Russia are likely to total RUR 900 billion in 2008, Interfax reports according to Gudok.Ru. According to Igor Levitin, RF Transport Minister, it reflects the belief of business into the industry. In the report at the briefing dedicated to the results of the Government meeting Levitin noted that federal budget allocations for transport are to total RUR 452 billion this year. According to Levitin, in 2007, fixed assets of the transport industry attracted RUR 720 billion of investments. He also underlined that deep modernization is required for the country’s road network as the number of automobiles per head continues to grow in Russia. In 2007, there were 140 automobiles per 1,000 persons while this year it is to grow to 150, with 350 in Moscow and 200-250 in regional centers.