Transcript of the beginning of the meeting:

Fredrik Reinfeldt (Via interpreter): I am glad to welcome Prime Minister Vladimir Putin and his delegation to Stockholm. In particular, I would like to congratulate Mr Putin on his return to Stockholm. He was last here ten years ago, as Russian President, and now he is back again.

The bilateral relationship between our countries is constantly deepening and strengthening. We will see new proof of this growing partnership today when we sign a declaration of partnership in modernisation. We welcome this declaration and are most pleased that we have this opportunity to sign it.

Moreover, today you will have the opportunity to meet with Swedish businessmen to discuss their problems and topical issues. I would like to highlight the fact that there are currently 400 Swedish companies and firms operating in Russia. Sweden is also one of the top ten direct investors in the Russian economy.

We envisage the positive development of all our relationships, not only those concerning the economic area. We see good potential for cooperation, and indeed our relations are already developing along these lines, in high technology, education, energy-efficiency and so on. So let me once again welcome you to Stockholm.

Vladimir Putin: Mr Prime Minister, esteemed colleagues. Thank you for your invitation. Indeed, there is a great deal for us to discuss, as our partnership covers a wide range of areas and is constantly growing.

You mentioned that Sweden is, in volume terms, one of the leading direct investors in Russia. Today, cumulative investment stands at $2.5 billion. Our companies boast ever-increasing potential, and I believe this ought to be a two-way street. This would clearly benefit both our cooperation and the Swedish economy as well: capital inflow can't hurt.

As we have just noted, during the closed session that began this meeting, last year our economic growth stood at 23%. Apart from the minimal amount of hydrocarbons we supply to the Swedish market, this is natural growth.

Indeed, there are hundreds of Swedish companies operating in Russia. IKEA, Volvo, Electrolux, ABB, SKF and Tetra Pak are among them. We are deepening our cooperation in high technology and recently we successfully launched one of your spacecraft into orbit.

Russia is successfully running a complex project that requires intensive funding: the GLONASS satellite navigation system. This is the second such project in the world, after the well-known US project, which is widely used across the world. There is a group of 24 satellites in orbit at the moment. Soon we will launch another six satellites, giving a final total of 30. Incidentally, GPS currently has 30 satellites in orbit. So this is another promising area for collaboration.

Sweden is an active GLONASS user. With their technology and opportunities for land-based operation and development, the relevant Swedish institutions could certainly be our strategic partners, in the fullest sense of the phrase.

There are other high technology avenues for cooperation that could indeed be of interest to both Russia and Sweden. I am certain that we will have an interesting and meaningful dialogue today. Thank you.