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Speaking at a meeting with representatives of Russian and foreign companies at the VI International Investment Forum in Sochi, President Vladimir Putin said he hoped that cooperation between the Government and the business community would have a positive effect on the economy.

Large-scale projects to modernise the housing and utilities sector, the electricity sector, and to develop communications and transport will be carried out using the resources not only of the state but also of private investors, and will bring benefits for both sides.

Mr Putin said that the 2014 Winter Olympics in Russia will mobilise the country’s executive, financial and administrative systems to carry out extensive regional development work.