MOSCOW. May 8 (Interfax) - Political reasons have prevented Russian companies from investing some $50 billion abroad in 2008, Vladimir Putin, candidate for prime minister, said in the State Duma.

"In the past year our companies missed the opportunity to invest something like $50 billion in the economies of developed countries due to what they consider to be political considerations," Putin said.

"We encourage and will continue to encourage the investment activity of our companies within the framework of the law," Putin said.

"We believe it's an additional step towards Russia's integration in the world economy, it's access to new technologies and new management standards," said Putin.

Foreign investment in Russia is ten times bigger than Russian investment. "For this reason, the expression 'Watch out, Russians are coming! Is ungrounded," said Putin.

"We will prove to our partners that Russian investment is not worse than foreign investment. And I am confident that our partners will understand it in time. It will just take some time," said Putin.

The arrival of large Russian companies will result in "the preservation of jobs and production development." "Everyone is beginning to understand that it's a mutually profitable process," said Putin.

In the meantime, Russia cannot help but react to similar actions taken by a number of countries restricting foreign investment, said Putin.

"Of course, looking at developments in some countries that are making decisions to restrict fkreign investment in strategic industries, we have to react appropriately as well," he said,

Putin thanked the State Duma for adopting the law on foreign investment, which deals with investment regulation "in sensitive industries; namely, mineral deposits."

"We will do everything on a parity basis," said Putin.