Vladimir Putin: Dear Mr President, Ladies and Gentlemen! I'm very glad to greet you here, in Moscow. This year marks the 20th anniversary of the establishment of diplomatic relations between our two countries. I note with satisfaction that we have come a long way together in trying to develop our interstate relations. This applies both to politics and the economy. Unfortunately, last year saw bilateral trade shrink by 40%, as a result of the economic downturn. But in the first half of 2010, it grew by a factor of 1.8. We have good prospects for collaboration, notably in sectors such as energy and mechanical engineering. We have Korean partners working in Russia, and working very diligently. Next week, I will be attending the opening ceremony for yet another (Korean) operation: Hyundai is opening a manufacturing plant in St. Petersburg. I recently met with representatives of that company in Izhevsk, where Hyundai used to manufacture several models of cars and trucks, and is now planning to revive that production line. I would like you to provide political support for these plans.

In the Russian Far East, Korean companies are working together within the framework of the Sakhalin II project, receiving necessary products from there, and they are set to increase the amount of raw materials purchased, including liquefied natural gas. We're also planning to have broader cooperation in the oil and gas sector.

We've established some effective tools for interaction, and our intergovernmental commission is one of them. Its next session is to be held later this month in St. Petersburg.

By and large, we are satisfied with the way our relationship is progressing and are glad to have such a representative South Korean delegation in Russia, led by you, Mr President.

Lee Myung-bak (as translated): Mr Putin, two years have passed since our meeting in September 2008. Over that period, we've experienced a global economic downturn. I think you've done an excellent job trying to overcome the after-effects of this crisis in Russia. I heard about the wildfires in your country. And I found out that you took part in an operation to extinguish one of those fires from a helicopter. I found the news about wildfires in Russia very alarming, but I was really impressed to learn about how fast you dealt with this disaster.

Vladimir Putin: Thank you for your help, which included supplying equipment.

Lee Myung-bak: As you said earlier, this year marks the 20th anniversary of the establishment of diplomatic relations between our two countries. Over the past two decades, South Korea and Russia have been intensively developing their cooperation. Last year, trade shrank somewhat because of the economic downturn, but this year it is expected to pick up. I believe our economic and political relations have great prospects and will continue to gather pace.