Russia's investment in Italy has declined since 2014 due to geopolitical factors that are beyond Italy's control, Michele Geraci, the undersecretary of state for the Italian Ministry of Economic Development, told Sputnik
GENOA (Pakistan Point News / Sputnik - 05th July, 2019) Russia's investment in Italy has declined since 2014 due to geopolitical factors that are beyond Italy's control, Michele Geraci, the undersecretary of state for the Italian Ministry of Economic Development, told Sputnik."Investment had its peak some years ago, around between 2005 and 2008, and then 2013 and 2014 in terms of the Russian investment in Italy. Since then, we have seen a decline ... Understandably, the flow of investment has decreased due to geopolitical reasons. But this is beyond our control," the undersecretary in charge of international trade and foreign investment said.
The Italian official stressed however that his country's investment in Russia was "quite significant," amounting to 13 billion Euros ($14.6 billion) and having created 60,000 jobs.
"Of course, 60,000 jobs may not be a lot for a large country, but this is our little contribution to the economy," the Italian undersecretary said.
The European Union imposed economic sanctions against Russia in 2014 over the country's alleged involvement in the Ukrainian conflict. Late last month, the bloc officially extended the sanctions until January 31, 2020.
