Direct foreign investment in the Russian economy fell significantly in 2010, Finance Minister Alexei Kudrin said on Friday. "Direct foreign investment was one and a half times lower," Kudrin said. "Preliminary figures indicate it was approximately 12 to 14 billion dollars." "This is not much. In the best years it reached $27 billion," he noted. He did not give more precise figures. Kudrin also said that Russia needed to achieve an annual GDP growth of 6-7%. "We will see in the coming years a stable growth of around 4% and above. However for Russia this - the level of a mid-ranking economy - is insufficient," he said. "We need a significantly higher growth rate of 6-7%."