Russia landed in the headlines Wednesday amid chatter that Moscow wants to attract new capital. According to the Wall Street Journal, Russian Prime Minister Vladimir Putin promised to loosen restrictions on foreign investment in some sectors next year, hours after President Dmitry Medvedev reiterated his calls to improve what he called Russia's "bad" investment climate.So should you put your money to work in Russia? For insights we turned to international expert David Riedel of Riedel Research.
“It’s a market that’s not to be ignored,” he tells us.With Pepsi making an investment in Moscow-based Wimm Bill Dann and GE announcing a joint ventures to build telecom and infrastructure in Russia, Riedel advocates exposure to Russia in the portfolio.
However, he’s cautious about Russia’s energy complex with the government exercising a heavy hand in that sector. Instead Riedel recommends playing the emerging middle class by investing in consumer related names such as telecom companies Mobile Telesystems and/ or Vimplecom .
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