“The crisis has affected Russia very seriously. However, we see nascent stabilisation in the country, beginning in June, and economic growth, even if modest, of 1% monthly since June. We know that European countries have recorded similar trends, especially Germany and France. We expect these positive trends to grow stronger.”

Prime Minister Vladimir Putin noted that an enormous amount of highly productive work had taken place before Hugo Chavez’s arrival. “An excellent set of agreements has been signed, not a single one of which is trivial,” said Putin, emphasizing Venezuela’s highly constructive approach.

“On the whole, the situation on the labour market remains stable. Positive trends in industry and other spheres and resumed production growth, even if minor, have had a positive effect on employment.”

“I think the Union can make technological predictions and coordinate with research and innovation centres. Importantly, it can also be an essential link in the implementation chain. We also need your assistance in promoting Russian machinery abroad.”

At the meeting Putin and Shaimiyev discussed the republic’s development during the financial crisis, including the labour market and the construction industry.

“In the last few months, we have been registering positive signs both from world markets and from the domestic economy. Starting in June, industrial production has grown by about 1% per month. Prices on our export commodities are also standing at a high enough, acceptable level.”

Meeting participants also mentioned the four companies’ anti-crisis programmes that they were effectively implementing, involving cost-cutting efforts, optimisation of production and slashing general administrative expenses. The Commission also took into account the companies’ efforts to preserve jobs and fulfill social commitments.