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Speaking at the opening ceremony of the fair, Vladimir Putin announced the plans of the Russian state to privatize around 3,500 joint stock companies and 8,000 state enterprises.

The President also said that by 2007 Russia would be ready for full currency liberalisation.

Russia is also prepared to pay back debts ahead of schedule to creditor countries from the Paris Club, including Germany, and expects standard conditions for joining the WTO, and the commencement of talks on joining the Organisation of economic cooperation and development, the President noted.

Mr Putin also mentioned issues of Russian-German cooperation in the sphere of high technology manufacture and energy.