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Prime Minister Vladimir Putin chaired a meeting of the Government Commission for Control of Foreign Investment

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Vladimir Putin's introductory remarks:

Good afternoon, colleagues,

Today's meeting is a regular session of the Government Commission for Control of Foreign Investment. Today the relevance of this issue is obvious. I am referring to the issue of attracting investment in general, both domestic and foreign. We must ensure that the post-crisis recovery of the Russian economy be accompanied by qualitative modernisation of its industrial base and infrastructure through the introduction of cutting-edge technologies and an increase in labour productivity.

As you know, I recently took part in a very useful and constructive meeting in Salekhard with the top executives of the leading global oil and gas companies. We discussed the development of Yamal. Yesterday, VTB Bank, one of Russia's leading banks, hosted a large international conference, where useful and meaningful debates were held as well.

I think we should improve mechanisms of cooperation, of our interaction with foreign investors. This is a hot topic, given the state of affairs in the global economy and the experience we have accumulated in cooperation with our partners in recent years. These new mechanisms should be based on this rich cooperation experience, as well as on sincere relations and mutual trust. Clearly, we must seek more transparency and less bureaucracy.

Now a few words about today's agenda. We are going to consider several applications to acquire and restructure Russian assets in strategic industries. We are to consider whether these deals are justified and comply with the security interests of the state.

I would like to remind you that a few months ago the Federal Antimonopoly Service was charged with analysing the implementation of the Law on Foreign Investment and preparing its proposals that would increase the transparency and effectiveness of control mechanisms and abolish redundant bureaucratic requirements for investors. I would like a report on the results of this work to be presented today.

Let us move on to today's agenda.