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Speaking at the business-forum, the Russian President said that Russia pays great attention to the development of bilateral relations with Spain. Active trade and economic ties contribute to the promotion of high technologies in Russia. Mr Putin informed the businessmen about the agreement on mutual support for investments due to be signed soon.

This year Russia refused to take IMF credits. Despite this, it coordinates its economic policy with international financial organisations, including the International Monetary Fund, said the President.

He told those present about the progress the Russian economy and industry made in the previous year thanks to favourable oil and gas prices, among other things.

The President noted that the Central Bank of Russia ensures the stability of the national currency, while its gold and foreign currency reserves have grown several-fold and continue to grow.

The Government will follow a course of economic reform as regards tax and labour relations, the law on pensions, and a new system of payment for the use of land and subsoil, the President stressed. The cabinet has also drafted a concept for reforming the Railways Ministry and restructuring the natural monopolies, including the Unified Energy Systems of Russia.