Transcript of the beginning of the meeting:

Vladimir Putin: Good afternoon, colleagues. It is clear why we have met. Yesterday, as you know, I met with representatives of the International Olympic Committee, who came to observe the progress made in the preparations for the 2014 Winter Olympics. In general, the IOC representatives were pleased with how much progress we have made, although there is still a lot to do.

I want to point out again that preparations for the 2014 Winter Games entail the immense task - and I say that without exaggeration - of developing infrastructure in this region. We often hear that if it weren't for the Olympic Games we would have been unable to develop the infrastructure on such a scale. It sometimes seems to me that we would have never accomplished what we are doing now. This includes roads, railways, tunnels and bridges (as many as 84 bridges are to be built, one of them 1.5 kilometres long). This is the kind of infrastructural development that any country and any region of Russia would be happy to have. By 2014, hotels will increase available capacity with accommodations for 24,000 more people.

Naturally, all this, including the hotel industry, sports facilities and infrastructure, to say nothing about sewage, water, power and gas supply, must also be used efficiently after the Sochi Games. That is where the idea came from to host the Formula One Grand Prix in Russia. We have reached an agreement with the organising company that holds the rights.

We need to set up a management company here in Russia in order to arrange the work properly. And certainly it should consist of interested private companies, those national companies that would be interested in promoting their products and also those having direct connections to the auto industry, because, as it is known, Formula One is not only the most prestigious car racing competition, but also a display of the achievements made in automotive technology. Many developments, especially in traffic safety, come to the auto industry after being developed for racing.

Therefore, our meeting today creates the confidence that we will be able to arrange such work at the proper level.

I believe that working on this project together with the state (and our participation will be providing the necessary assistance and the possibility to use the existing tracks and those to be constructed in the Imereti Valley for relevant competitions) will give you the confidence that this will be carried out at a decent level, with a high degree of organisation. Besides, and what is most important, we will give pleasure to millions of fans in this country and millions of car-racing lovers all over the world.

Let's discuss this. Today I would like to hear your thoughts on your future involvement in this effort.