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New horizons and prospects are opening up in the formation of the common European economic space and the development of the energy dialogue, Vladimir Putin told the businessmen present.

In its trade with Italy Russia seeks to increase the volume of mutual deliveries, but there is still considerable untapped potential in that sphere, as well as in the investment sphere.

Italy ranks ninth in terms of accumulated investments in the Russian economy, which does not match the economic potentials of the two countries.

President Putin also stressed the need for Italy and Russia to integrate their potentials in the field of high technologies, which would open up new opportunities for the two countries in the markets of third countries.

Russia is about to simplify the customs procedures in international cooperation in the innovative sphere, the President announced.

Speaking about Gazprom’s decision to grant the Italian company Eni the right to re-export gas, Mr Putin noted that such cooperation would help to create stable conditions for the development of the European economy using Russian energy in the interests of Russian suppliers and European consumers alike.

Russia is ready to develop gas cooperation on a multi-lateral basis, including with the European Commission, but not as part of its accession into the WTO.

Taking part in the meeting were representatives of 14 Italian companies including Fiat, Merloni, Parmalat and Eni.

Present on the Russian side were Deputy Prime Minister Viktor Khristenko, Minister of Economic Development and Trade German Gref, the heads of some regions and business leaders.