In his statement following the meeting, Viktor Zubkov said, in part:

"Our talks on Russian-Hungarian economic partnership, which have just finished, were constructive and, even more importantly, fruitful.

They opened yesterday at our restricted attendance meeting and continued today at the plenary meeting of the intergovernmental commission.

We discussed a wide range of the most topical issues pertaining to our bilateral trade and economic relations.

Russian-Hungarian trade increased by 30% last year and hit the $8.4 billion mark. This shows that we are gradually recovering from the global economic crisis.

We all share the opinion, however, that these figures remain modest in view of the vast potential of our cooperation, even despite their considerable growth.

In this connection, we reviewed today the implementation of our previous agreements, particularly those concluded on November 30, when Prime Minister Vladimir Putin met with Hungarian Prime Minister Viktor Orban. We also documented new possibilities for further practical cooperation and noted ways to expand it.

The energy industry remains a critical sphere of our partnership.

We agreed to maintain the dynamic rate of our joint efforts on the South Stream project, aiming to commission the first stage of the pipeline within a few years.

The joint project for an underground gas storage facility in Hungary is another pivotal part of bilateral energy partnership. Its construction is also proceeding at a good pace.

These two projects will greatly strengthen European energy security.

Our cooperation in the nuclear energy industry also has good prospects, with positive teamwork experience at the Paks Nuclear Power Plant. Russia is willing to offer cutting-edge technology to upgrade it and to construct new units in Hungary.

Mutual investment is another essential part of bilateral economic cooperation. We will further promote Hungarian investments in the Russian economy, particularly in such strategic sectors as the oil industry and finance, and national priority projects.

Regrettably, there are subjective obstacles to similar Russian investment in Hungary. I think that their removal will, first of all, promote Hungary's economic development, and it is the duty of both governments to create relevant conditions.

Mutual interest in closer agricultural and industrial cooperation deserves special attention and support.

Russian businesses are ready to take part in the modernisation of the Budapest metro. Reciprocally, we are aware of the positive experience of Hungarian construction companies in Russia, and we will continue to promote their involvement in Russian-based projects.

Modernisation and innovation also have a vast potential, especially now that the commission has established a special working group.

The declaration we have just signed creates great new opportunities for joint efforts on practical projects in energy saving and efficiency, nuclear technology, medical and pharmaceutical industries, nanotechnology and environment protection.

Importantly, projects in these fields will not only expand trade and economic cooperation but also improve the structure of trade and increase the share of bilateral investment projects.

In conclusion, I would like to thank my colleague, Minister of National Development Tamas Fellegi, for his constructive efforts."