Russian First Deputy Prime Minister Sergei Ivanov said on Saturday that Russia will provide transparent conditions for foreign direct investment.

"We want to create transparent conditions to invest in the infrastructure sectors, to develop the stock market and banking sector," Ivanov told the first plenary session of the 11th International Economic Forum in St. Petersburg.

Foreign investment in Russia has totaled 150 billion U.S. dollars till 2006, said the prime minister.

Russia has been regarded as a booming economy, largely thanks to gains in oil and gas exports. It may record a seven percent-odd growth in 2007, World Bank chief economist in Moscow John Litvak said on Wednesday.

About 12 investment agreements, covering food, timber, electronics and car assembly industries and worth 3.3 billion dollars, are expected to be inked during the three-day event.

Russian President Vladimir Putin, along with some 2,000 guests from more than 60 countries, will participate in the forum, Russian media said.

The St. Petersburg International Economic Forum is a major economic forum in the Commonwealth of Independent States, central and east Europe, and is held annually in June.

Source: Xinhua