"Russia accounted for 40% of EU export growth in 2007 and now represents about 30-50% of all Central and Eastern Europe business, for the major western players in the region."

Dr Daniel Thorniley, Senior Vice President of The Economist Group, will give his views on economic growth in Russia as the opening keynote speaker at the forthcoming Russia & CIS Hotel Investment Conference (RHIC).

Based in Vienna, Thorniley is The Economist Group's senior global and emerging markets consultant. He has more than 25 years' experience observing and advising senior executives on global business strategies, with particular expertise on the BRIC markets (Brazil, Russia, India and China) along with other emerging markets.

In his latest recently published paper, Thorniley states that: "Russia is potentially the best business market in the world and appears to be on the edge of exploding… in a positive sense into one of the major economic powerhouses of the world and certainly of Europe." The report describes that whilst Russia faces serious risk issues, these are manageable and better than those in most emerging markets. Although costs and inflation are rising with global trends, Russia is reporting very strong growth and profits with a very positive outlook.

According to Thorniley, Russia accounted for 40% of EU export growth in 2007 and now represents about 30-50% of all Central and Eastern Europe business for the major western players in the region. The Russia market for a growing number of companies will start to be the driver of European business and with the government's massive engagement in infrastructure spending, the country represents one of the biggest investment opportunities globally.

Jonathan Worsley, RHIC conference co-organiser, explains: "As the fastest growing economy in Europe, Russia is changing the face of investment in the hospitality industry and with the hotel market in Russia & CIS in its infancy, it offers exciting and unmatched returns for investors, developers and operators." Worsley also states "the primary objective of the conference is to raise awareness of investment opportunities, to provide a forum to meet new partners and to facilitate dialogue, debate and best practice."

Gerald Gaige, Real Estate Industry Leader for Ernst & Young CIS, recently said: "The hospitality business in Russia and CIS is expanding rapidly. RHIC will provide a venue for new entrants to get up to speed on best practice and meet international players from the rest of the world."

The Russia & CIS Hotel Investment Conference will run from October 21-22, 2008 at the Ritz-Carlton, Moscow, and is jointly organised by The Bench and Questex Media Group, Inc. 

For more information please visit www.russia-cisconference.com