Bulgarian companies invested a total of 37.83 mln dollars in Russia in 2007.
There are currently 350 representations of Bulgarian companies, subsidiaries and joint ventures with Bulgarian participation in Russia, RIA Novosti also states.
Business registered in the offshore zones Cyprus and Luxemburg are responsible for the bulk of foreign investments in Russia. Some 20.6 bln dollars came from Cyprus alone last year. Investments from Luxemburg-based companies amounted to 11.5 bln dollars.
500 companies registered in Cyprus currently operate in Russia. Their activity is usually concentrated in the spheres of trade, consultancy, marketing and tourism.
Among Luxemburg-based companies investing in Russia are several banks, as well as SOTEG, TA Kord (a joint venture between Severstal-metiz and Trefil ARBED, which is a unit of Arcelor) etc.
The majority of foreign companies operating in Russia are those with German capital (4,600), as well as Hungarian capital (1,500), Austrian (1,200) and British capital (1,000).
Foreign investments in Russia last year stood at 121 bln dollars, which is 2.2 times up from 2006 figures.