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President of Russia Dmitry Medvedev: Mr Donald Tsang, friends,

First of all, I want to thank Mr Tsang for this very warm welcome. This chance to see Hong Kong has made a real impression on our delegation. We see here the scale and achievements of one of the world’s biggest business and financial centres.

”Our cooperation is becoming an important part of the overall strategic partnership between Russia and China, and, also very importantly, is having a positive effect on the economic climate in the Asia-Pacific region.“

You have succeeded in preserving your unique historical and cultural identity while at the same time designing a carefully planned and effective economic policy, above all through encouraging business initiative and investment, and this has brought you the excellent results that your key economic indicators reflect.

During the talks with Mr Tsang, we noted that our cooperation is becoming an important part of the overall strategic partnership between Russia and China, and, also very importantly, is having a positive effect on the economic climate in the Asia-Pacific region.

As I said today during the meeting in narrow format, Russia is now pursuing a course of modernisation and innovative development. Foreign investment has a big part to play in these efforts.

I recently outlined a number of measures to improve Russia’s business and investment climate. I will name a few of them now. By the start of this summer we will have established the direct investment fund that will co-finance foreign funds’ and companies’ capital investments in Russian projects. We also plan to simplify the procedure for overturning wrongful decisions by various agencies against entrepreneurs, set up the institution of regional investment ombudsmen, expand minority shareholders’ rights, and offer legislative incentives for foreign investment in some of our strategic sectors.

We will continue our efforts to reduce red tape in the economy. We will also continue resolute efforts to fight corruption. Hong Kong’s experience provides very useful examples in this respect. We must remove the excessive bureaucratic barriers in our economy, and I think that here too we can learn from Hong Kong.

”We will continue our efforts to reduce red tape in the economy. We will also continue resolute efforts to fight corruption. Hong Kong’s experience provides very useful examples in this respect. We must remove the excessive bureaucratic barriers.“

Our immediate priorities include the launch of joint economic and investment projects, above all in sectors such as high-technology machine building, energy saving technology, and alternative energy sources.

Hong Kong’s businesspeople could take part in cooperation programmes between Russia’s Eastern Siberia and Far East regions and China’s northeast regions. This cooperation programme covers 2009–2018. Regional development is part of our cooperation programmes, including preparations for the APEC summit that Russia will host in autumn 2012.

Research and development in the advanced technology sectors offer us many opportunities for cooperation. I also want to mention once again the Skolkovo Innovation Centre, which offers many promising opportunities.

Hong Kong companies’ experience in protecting patent rights and commercialising scientific developments has great importance for us. Hong Kong’s wealth of experience in this area, as Mr Tsang said in his remarks, could be of help in establishing the international financial centre in Moscow.

As for Russia’s companies, they are active and successful in listing on the Hong Kong stock exchange. We discussed this today too. One of our companies, RUSAL, represented here today, is a good example of a Russian company issuing its shares on this, the world’s fastest growing stock exchange. Other Russian companies are preparing to be traded at this stock exchange.

We want to expand our contacts in science, education and medicine, and develop tourism and youth exchanges. Cultural projects are important too, and we also discussed them today. This will all help us to learn more about each other’s traditions and modern life, and will strengthen our multifaceted cooperation.

Our solid economic potential and mutual interest in cooperation gives us optimism for the future. We have great respect for the business opportunities that Hong Kong offers, and for its entrepreneurs’ and financiers’ business acumen. Your ability to comprehensively assess the situation and obtain results has earned you great respect and trust around the world.

I am sure that our cooperation will bring us good results.

Once again, I want to thank our partners for their hospitality.

Thank you.