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Prime Minister Vladimir Putin meets with President and CEO of Siemens AG Peter Löscher

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Prime Minister Vladimir Putin expressed his satisfaction with the progress that Siemens AG has made in cooperation with its Russian partners. "We expect to strengthen cooperation through the extensive use of modern technology and effective management practices," said the prime minister. In response, Mr Löscher said that Siemens, whose cooperation with Russia has spanned 157 years, has a strategic interest in projects in the country.

Transcript of the beginning of the meeting:

Vladimir Putin: Mr Löscher, I'm glad to see you. You just mentioned that Siemens has been doing business in Russia for many years, over a century. You began cooperating with Russian companies in many new areas in recent years. We are very satisfied with the progress of our cooperation, and we expect to strengthen it through the extensive use of modern technology and effective management practices. I know that you're actively cooperating with your Russian business partners. I have met with you more than once recently to discuss the progress made on large projects. I hope we'll continue to meet in the future.

Peter Löscher (as translated): Thank you very much. Mr Prime Minister, it's always a pleasure to meet with you in person. Cooperation with Russia is very important for Siemens and for me personally. I'd like to extend my gratitude to you personally for your trust and support.

We feel proud looking back on the history of our cooperation with Russia, which has spanned 157 years. Today we're involved in important strategic projects with our Russian partners; this gives us confidence in the future, perhaps for another 157 years of successful cooperation.

We're not up for only short-term projects in Russia; we're also working for the future, and in strategic areas. We're involved in a number of projects in Russia. We're grateful for the support you've given us.

Allow me to name some projects we're carrying out with our partners in Russia.

Let me start with our joint project with Russian Railways and Mr Yakunin.

Our cooperation is being expanded and intensified here, and it is of strategic importance. We're finding promising new opportunities for interaction here, which we'll announce publicly soon.

We also cooperate in healthcare and in almost all sectors of the energy industry.

I'd like to extend my gratitude to you for your personal support of these projects.