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President Vladimir Putin: Allow me once again to wish you a sincere welcome. Yesterday we had the opportunity to discuss all issues relating to our cooperation in considerable detail.

Today we are meeting in enlarged format with business community representatives. I hope that all our colleagues will also be present for these consultations.

At the start of today’s meeting I would like to note that the high expectations we both share for developing our bilateral economic relations have been fulfilled. Last year we expected trade between our countries to increase by up to around $8 billion but it has increased by $10 billion. I agree with your forecast that we could soon reach a figure of $15 billion.

Today we have the opportunity to discuss in specific detail energy sector, transport, social and other economic issues that we touched on in general yesterday.

I am very happy to see you in Moscow and I hope that you have managed to get some rest.

Recep Tayyip Erdogan: Allow me to thank you, Your Excellency, for the warm reception and the hospitality you showed us yesterday evening. I hope that today’s meeting and the meeting with the delegations will be fruitful.

The development of our trade and economic ties opens the way forward for businesspeople from both our countries. Our delegation includes some 500 businesspeople. Yesterday we all flew here on a large plane and today two more planes will arrive.

Together we will open newly built facilities and the talks between our delegations will give us the chance to discuss opportunities for further development of our relations.

Along with the development of our trade and economic ties, development of tourism is helping our peoples to become better acquainted with each other, thus creating new opportunities for bringing our countries even closer together. As you rightly noted, our expectations for bilateral trade growth have been fulfilled and even exceeded.

It is my sincere conviction that we can reach the objectives we have set very quickly. I think that this process will move ahead even faster with the help of joint investment in our own and in third countries.

Once again, Your Excellency, I would like to thank you on my own behalf and on behalf of our delegation.