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The President made this statement in an address at the Fifth International Economic Forum ‘Kuban-2006’ in Sochi.

Mr Putin also noted the creation of the Commission for Improving the Social and Economic Situation in the Southern Federal District. This new commission will provide the framework for undertaking systemic work in this area.

Development of Russia’s southern regions was also the focus of a meeting today between the heads of the southern regions and representatives of Russian state-owned and private companies.