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Vladimir Putin:

Hello dear colleagues!

Hello dear Chairman Hu Jintao!

Today a festive, important event is taking place. The Shanghai Cooperation Organisation Business Council started functioning today.

Economic ties are a fundamental aspect of international relations. Through a number of strong ties they closely unite countries and peoples according to principles such as creative cooperation, mutual respect and mutual benefits. I am convinced that partnerships between business communities will become one more factor that will strengthen the Shanghai Cooperation Organization.

Our countries already have a rich tradition of working together and joint projects but today it is necessary to use all the possibilities available to us to achieve even greater successes together. All the heads of state of the SCO’s member countries have pointed out more than once that we can engage in large-scale economic cooperation on various levels, cooperation that can develop on bases such as complementarity and increasing teamwork.

Establishing a Business Council and an Inter-Bank Association will consolidate the efforts of member states and business communities in the SCO member states to pursue effective work together. As such companies could cooperate more closely in the energy, investment and production sectors.

The fact that the Council’s secretariat will be located in Moscow places particular responsibility on Russia’s own business organisations. I emphasize that Russia is ready to provide comprehensive support for all constructive projects.

I feel sure that all my colleagues are of the same opinion on this point.

However, the primary requirements for successful business cooperation are desire and initiative from businessmen themselves. Businessmen must aspire to strengthen direct economic contacts. And it appears that Council members really do have such a desire and an absolutely correct understanding of their mission.

I wish you success and productive work.

Thank you for your attention.