Russian Prime Minister Dmitry Medvedev said on Wednesday his country's economy grew by 3.5 percent in 2012 but that Moscow was aiming for output growth of more like five percent per year.

“If you look at the general macro-economic situation in Russia, it's rather stable, last year economic growth amounted to 3.5

percent, inflation was at 6.6 percent,” Medvedev told the World Economic Forum in Davos.

Urging foreign firms to invest in Russia, Medvedev said Moscow had set ambitious goals for attracting global capital.

“To achieve at least five percent per annum we need to see investment growing for at least a few years in a row by 10 percent annually,” he said.

“We have very ambitious goals in the investment field, to increase the volume of investment from 20 to 25 percent of GDP, to increase investment in transportation, in energy infrastructure... and foreign direct investment would be instrumental in achieving this goal.” - Sapa-AFP