US soft drink giant PepsiCo said today it would boost investment in Russia by $1 billion, topping the list of US trade deals expected during President Barack Obama's visit to Moscow this week.     

The increased investment will bring PepsiCo's total outlay in Russia to $4 billion, the company said in a statement, adding the investment would be spread over the next three years.     

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"This investment reflects very clearly our great confidence in Russia and our long-term commitment to this very important market," he added.     

PepsiCo is among the US firms to participate in a US-Russian business summit tomorrow that aims to capitalise on a "reset" of ties expected from Obama's meeting with Russian president Dmitry Medvedev.     

"Investors hope to hear some positive comments — the start of a process that 'clears the air' on a number of investment issues, as well as in the political sphere," said Chris Weafer, chief strategist at UralSib bank.

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