Today Russia has enjoyed the honor of overtaking China as ‘top BRIC’ in the Morgan Stanley investment model, Bloomberg reports.  Fortuitous timing, given that just this morning President Medvedev enticed potential partners at the St Petersburg Economic Forum with the prospect of tax breaks on foreign profits.  Josh Noble from the FT’s Beyond Brics blog analyzes the propitious moment:

Apt timing. This morning the Russian government ditched a tax on foreign profits in a bid to attract foreign investment. According to AFP’s report, Russia’s president Dmitry Medvedev told foreign business leaders in St Petersburg:According to AFP’s report, Russia’s president Dmitry Medvedev told foreign business leaders in St Petersburg:

“Investment activity is one of the factors for investment development and successful modernization of our economy,” Medvedev said. “Russia needs a real investment boom.”