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Distinguished ladies and gentlemen, Distinguished colleagues,
Attracting foreign capital and investments is one of the major/ important areas of (our) municipal investment policy. This has become particularly important because of/due to the recent economic problems caused by/resulting from the (well-known) August decisions of the Russian government, of which you are aware, which complicated the financial situation in the country.
I should like to particularly emphasize/stress/underline/highlight/ that Moscow, as an independent subject of the Federation, has not renounced/rejected/abandoned/its commitments and continues to be a reliable associate/interlocutor/for foreign partners/firms. In so doing,/moreover,/Moscow is producing its own plan for a favorable investment climate, taking into account the need for:
first: firm/solid guarantees
second: the establishment/creation of MFN/most favored nation conditions
third: simplification of the procedure for obtaining permission and documents,
and finally, sound/stable business relations between investors and the city administration.
Any city, which has begun to implement/embarked on a policy of/ put into effect a plan for/begun major changes/transformations cannot get by/manage/survive by using only its own resources/limit itself to its own resources/make do with solely its own resources; it always needs/ requires/is in need of external financing.
Investment activity in Moscow is major/high in terms of/Russia/the country as a whole. In 1997 foreign investors invested 8.5 billion US dollars in the Moscow economy, which accounted for 66% of investments in Russia. The same level was true for/held true for/1998.
We understand that western investors are concerned about the degree of risk to their investments, and they are right in counting on a stable political situation in the country, on being guaranteed receipt of an appropriate return for their investments, on civilized/sound/ acceptable norms of/legislation and insurance of their investments, etc.
There is every reason to assert that Moscow has resolved these issues positively/that there have been positive solutions to these problems in Moscow/and this has been demonstrated/proved/attested/ shown by the experience of numerous/many/foreign investors. Suffice it to say that in the last 10 years not a single foreign entrepreneur, foreign company or firm active on the Moscow market, particularly in the construction field, has abandoned such activities/its efforts; rather, there has been expansion of such efforts, despite the economic turbulence/upsets and political strife/struggles.
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Confidence in the effectiveness of cooperation stems/derives/results from these specific features and potential of Moscow.
Moscow is indeed a major metropolis by world standards, with significant potential in production and property. It has the highest rate/largest proportion of investment activity in Russia. Despite the
serious economic crisis which has overtaken/gripped Russia in recent years, in particular/particularly in August 1998, which was also felt in Moscow, and despite the substantive/substantial decline/drop in production in all areas of the economy, the construction sector of the city has been functioning in a stable and productive manner.
The city is engaged inlarge-scale road building and transportation activities. There has been the introduction/start-up of a modern ten-lane ring highway, and work has begun on a third ring highway in the city. A significant/major/sophisticated program of reconstruction of the city center/to highlight the center of the capital/worthy of the capital/is underway.
But the most striking feature/outstanding characteristic of our investment policy is not, I feel, what we are specifically building and reconstructing, but rather how and by what means/with what funds we are ensuring/providing for speedy and large-scale construction/ a rapid rate and large volume of construction in the difficult conditions/circumstances of the present stage of the market economy.
Not so long ago/Quite recently Moscow was virtually entirely financed/practically financed in toto/ in full from the state budget. With the shift to the market this formerly extensive/broad flow of state investments dried up/was reduced to a trickle, but the city is actively building. In such/these circumstances/conditions we are forced/obliged to find/create new guidelines/principles and approaches in our investment activity.
What does this (really) mean (in fact)/involve/include? First of all, (that we have) realistic and balanced investment programs. Living within one's means is today the basic law/rule governing the economy.
Another approach is that of the diversification of sources of financing. After the termination/cessation of abundant centralized state/ government investments and subsidies there was a stage/during which credit resources were (obtained)/of obtaining credit from commercial banks, but experience has shown that this is an expensive/costly source of satisfaction/boon/way of doing things, and today we are extremely cautious in our use of credit.
Thus, the modern investment potential of Moscow today/now/is marked/characterized by power and mobility, careful/precise adjustments to market conditions, financial stability and openness to foreign investors and builders.
The fact that our city is the capital also creates/provides advantages for enterprises. Today Moscow/is unquestionably/ undoubtedly/with no exaggeration can be termed/called one of the leading/business centers of the globe/world business centers.
Everything is right there/right at hand: the authorities, and the leading banks of Russia, the countries of the CIS, and/of foreign countries/ foreign banks. This is a major/an enormous transportation and telecommunications hub/center. All these factors provide/create a good basis for successfully undertaking/conducting any type of business dealings/deal.
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We see the involvement in our country of foreign investors not merely/only/solely/as much more than/as a means for attracting additional financial and material resources, although this factor doubtless is significant/important for us.
This text is packed with useful economic and financial terms. It also is an example of an exhortatory style: the speaker has a clear message for his western audience, and is trying to convince his listeners to heed it. This requires accuracy in the use of the financial terms and a certain number of colloquial expressions to retain the flavor of the speech and get the message across.
:
1) This sentence is full of nasty little problems. should follow
"This has become." can be rendered as "because of or "due to"
rather than the much longer "in connection with." " "
can be shortened to "recently," since "in recent times" is both lengthy
and excessively literary for this speech. does not need
translation, as it adds nothing to the sentence. is better not
translated as "well-known," which sounds awkward or even sarcastic
which is certainly not the speaker's intention in English. "Of which you
are aware" would cover this, if the interpreter has time. If not,
can be safely left out, precisely because the audience is "aware" of
these problems.
2) the problem
here is the word . "Ally" does not work in English, because it is
too politically tinged, and if you use "partner" here, then the word will
be repeated twice once "foreign partners" come along. Not the worst of
crimes, and if necessary "partners" can be used again, but a substitute in
the first instance might be "associate" or "interlocutor."
3) this seemingly innocent phrase is fraught
with peril. "Is working out its path" belongs to long-dead Moscow
Newsisms and Tassisms. The idea is that Moscow is "producing its own
plan," "developing its own policy," or, colloquially, "has its own plan," for
a favorable investment climate, etc.
4) ,
there are several choices here. In any case,
as in the above example, the literal translation of has no place here.
"Any city which has begun major changes" is an easy beginning. "Cannot get by" will get the colloquial tone of the speech across, and the sentence could be finished with "solely its own resources," which would save a good many syllables.
5) 1998 the sentence is another example
of "think nominative," and turn the initial words in an oblique case into
a nominative subject: "The same level." If the interpreter begins with "at
this level," it will be difficult to follow through with an idiomatic English
sentence. "Was true for" or "held true for" gets across , since "was"
or "happened" will not work in English.
6) in English this sounds better in the plural,
particularly since this is a long sentence. Otherwise it begins to sound like
a long description of a particular individual.
7) while "civilized" is logically a
correct translation, "sound" or "acceptable" are a bit better here.
"Civilized" sounds a bit patronizing.
8) ,
once again, the interpreter will have a much easier time with the sentence
if the prepositional phrase " " is made into a nominative subject:
"Moscow has resolved these issues." " " can also
be turned around to begin the clause with a nominative: "This is
demonstrated by..." " " are tautologies, and can perfectly
well be translated by one word, "experience."
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9) , , ,
this can translate as a singular, but then all three subjects need
to be in the singular: "Not a single foreign entrepreneur, company or firm
has abandoned such activity/its efforts." "Field" is not a good translation
for "" here. The sentence can be continued by subsuming
into "rather, there has been expansion of such efforts," instead of starting
on a longer construction with "on the contrary," which would require a
reiteration of the subject, i.e. "on the contrary, these firms have been
expanding their activity..."
10) "specific features" is more
idiomatic than "particular characteristics," and "potential" covers more
ground than "possibilities."
11) , ... saying "as is known" in
English verges on sounding silly. It is indeed perfectly obvious that the city
is a major metropolis. "Indeed" puts emphasis on the phrase without
making the listener sound like an ignoramus. "With" is quite sufficient for
. "Possessing" or "having" are both awkward and
unnecessary.
the verb "has"is simple and much more idiomatic than "is characterized by." "It has the highest rate/largest proportion of
investment activity in Russia" is a clear statement; "It is characterized by" is clumsy, longer, and slightly confusing, suggesting that this may be a temporary state.
13) "has been functioning" is appropriate here,
while "has been working" sounds awkward.
14) this is another example of the need to start with
a nominative subject: "The city is engaged in." Otherwise the construction
will be extremely awkward: "In the city there is going on..."
15)
here literal translation must be avoided at all costs, as this would
produce a real "Moscow Newsism." "A significant" or "major program"
is underway or is being carried out of reconstruction of the city center.
"" can also be conveyed by "sophisticated," but anything
involving the use of "dignified" should be avoided, as it will sound
strange. "Worthy of the capital" is possible, but will unnecessarily
lengthen the sentence and complicate the syntax.
16) can nicely be translated antonymically: "quite recently."
17) a literal translation, "is living and building,"
would sound ridiculous. Turning the verb into the adverb
"actively" creates a normal English sentence: "is actively building."
18) ? the notion here is what is
involved here, what is really involved. Rephrasing the question as "What
does this really mean?" or "What does this mean in fact?" gets the point
across. then does not need to be translated, since it is covered
by "really" or "in fact."
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19) this expression is nearly always better rendered as
"experience has shown" rather than as "life has shown," which has an
awkward ring in English.
20)
the syntax needs to be adjusted to deal
with , which cannot be translated by a single word in English.
"The fact that our city is the capital" solves this problem and leads into
the rest of the sentence. can be rendered as "advantages," since
"conveniences" does not work here.
21) while it is perfectly all right to say "with no
exaggeration," (much better than "without exaggeration"), the words
"unquestionably" or "undoubtedly" are equally effective here.
22) the idea is that everything is "right there" or "right
at hand," rather than "nearby" or "close by."
23) the speaker means "not only" or
"as much more than." A literal translation such as "not only and not so
much as" should be avoided, and here has the sense of a "means"
for doing something.
