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Russian-Japanese relations, including in business, have seen increasing growth over recent years, Mr Putin said in his opening remarks at the forum.

Bilateral trade is expected to exceed $10 billion in 2005.

Russia is interested in expanding its partnership with Japan in the fuel and energy sector, in infrastructure projects and in other sectors.

Mr Putin called on Japanese businesspeople to give their attention to the special economic zones being created in Russia.

The forum’s work continued over a working breakfast with Hiroshi Okuda, head of Toyota Motor Corporation making a speech of welcome to the Russian President.

Economic relations between Japan and Russia are entering a new phase and Japanese companies are beginning to change their view of opportunities for business in Russia, Mr Okuda said.

Mr Okuda proposed a toast wishing the visit by Mr Putin and the Russian delegation to Japan to be as fruitful as possible and give a new impulse to Russian-Japanese economic relations.