Transcript of the beginning of the meeting:

Vladimir Putin: Ladies and gentlemen,

I’m very glad to welcome you in Moscow.

We met earlier at an event organized by the United Russia party and we had an extensive and detailed discussion. I’m very pleased to admit that relations between our countries are developing steadily. Hungary is one of our most important, priority partners in Central Europe.

Today’s meeting was long overdue. We have a lot to discuss in the energy sector, including the prospects for development of nuclear energy. We also have issues to discuss in the transportation and high-tech sectors. We have taken certain steps and have specific plans in nanotechnology. We have enterprises operating in this sphere now. We also have some major projects that I hope to discuss today.

We must promote investment. Our mutual investments are almost balanced. Hungarian companies have invested about two billion dollars into the Russian economy and Russian companies have invested a little more than three billion dollars into the Hungarian economy. Our trade went down during the crisis, but it increased by more than one-third in the first nine months of this year. This is a very good indicator.

Beginning in January, only a month away, Hungary will assume the presidency of  the European Union (EU). It is very important for us to discuss the European vector of our cooperation and Russia’s cooperation with partners in general. I hope that under your leadership the EU will gain momentum for cooperation with Russia. Welcome to Moscow.

Viktor Orban (as translated):  Mr Prime Minister, thank you for this opportunity to meet here in Moscow. I’m also grateful for our last year’s meeting, which you have mentioned. It goes without saying that at that time we could only discuss everything theoretically. We had to wait for the final decision of the Hungarian voters. Finally, they’ve made it and we can now talk more directly.

Hungary went through a very rough period this year, but now that is over and a new era has begun. We are planning to build long-term strategic bilateral relations during this new period. I emphasised a year ago that we consider Russia a great power from the military-political and economic points of view. I hope that our current meeting will promote cooperation in the spirit of the 21^st century. I fully agree that the issues you mentioned are the priority ones. And I hope that we will find an approach that will help us not only to find answers to specific questions but also to build confidence for long-term energy cooperation. I think that we can now take the first steps in this direction.

Thank you again for the invitation.