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The President visited a production facility belonging to one of the zone’s resident companies, Bekaert Lipetsk, which manufactures steel cord, and met with resident companies’ executives. In his opening remarks, Mr Medvedev called the investors’ presence in the special economic zone an important signal that the Russian economy is growing, a signal to other investors, and a sign that even with the global financial system going through a crisis investment can still take place and turn a profit.

The President promised that the authorities would continue their efforts to reduce administrative barriers, which are still very high in Russia.

Meeting the same day with Governor of Lipetsk Region Oleg Korolyov, Mr Medvedev said that the establishment of special economic zones is helping to create new jobs and resolve the unemployment problem in the country.

The Lipetsk industrial production special economic zone was established on the basis of a government resolution of December 21, 2005. Its priority areas of activity are machine building, the chemicals industry, construction materials, household appliances, and commercial equipment. The zone had 17 registered resident companies as at January 1, 2010, including companies with foreign participation.