Transcript of the beginning of the meeting:

Vladimir Putin: Mr Dmitriyev, let’s start with the Direct Investment Fund. I’d also like to know how your bank supports our exports in various forms.

Your bank is working towards this end. I’m referring to support for export contracts and other spheres, such as insurance to a certain extent. Go ahead, please.

Vladimir Dmitriyev: The work of our Direct Investment Fund is in full swing. On May 18, you met with the leaders of the world investment market and the top managers of major investment companies and sovereign investment funds. A little more than half a year has passed since then and now the fund is working. Most importantly, it is working on specific projects. We plan to carry out about 20 projects that will produce investment contracts worth about $5 billion.

Importantly, all of the investors that attended the meeting with you have confirmed their readiness to participate in the proposed projects. Moreover, apart from these projects, they are making their own initiatives as well.

The signing of an agreement on a joint investment fund with the Chinese Investment Corporation during your visit to China has vast prospects. This is one of the largest existing funds with assets of about $450 billion. Regrettably, it was not present in Russia before. This agreement is a breakthrough in terms of bilateral investment relations. Now, we are completing work on the memo of understanding that we signed and specific agreements on the fund's formation. The readiness of our Chinese partners to move forward at such a pace is a pleasant surprise. We hope to complete at least two transactions before this year expires and work on the majority of the agreements next year.

Foreign investors are ready to put their money together with the fund in industries that comply with the modernisation programme and guarantee good profits for them. Importantly, small- and medium-sized companies want to work in these industries – agriculture, mass consumer goods, retail chains, medicine and healthcare. Strange as it may seem but in healthcare, apart from pharmaceuticals, they are considering the formation of private clinics throughout the country along the lines of private-public partnerships. There are funds specialising in this area. They can offer their customers the most modern technology in this sphere – both in corporate management and work experience.

Vladimir Putin: And what about cooperation with other investment funds? I mean apart from the Chinese partners.

Vladimir Dmitriyev: We have good relations with funds in some Gulf countries, primarily Kuwait and Abu Dabi. Naturally enough, we are also doing well with US and British direct investment funds, such as TPG and Blackstone and others. They are also cooperating with us on specific projects.

Vladimir Putin: Good. Let’s now discuss exports. Support…

Vladimir Dmitriyev: I’m glad to say that the Export Loans and Investments Insurance Agency (ELIIA) has started working. Fulfilling the decision of the Supervisory Board, we have not only established a management team headed by a general director but, also held the first meeting of the Supervisory Board. Apart from the board, we have also set up working committees that include both its members and independent experts. These are committees on auditing, strategic management and personnel, to name a few, that fit in into the normal practice of a serious agency's corporate management.

Now I’d like to say a few words about specific deals. Our team has just returned from Indonesia where we discussed specific deals – albeit not the first ones – in which the fund will take part. This includes promoting our medium haul Sukhoi Superjet on the Indonesian market. Importantly, the formation of the ELIIA will allow us to promote this aircraft under tripartite agreements with such leading insurance agencies as Coface in France and SACE in Italy. These insurance agencies did not want to deal with any companies that were not state-owned. This is why the ELIIA will help us promote our liner in third markets in this tripartite format.

Vladimir Putin: It is good that you are paying attention to such a high-tech product. These instruments were created to make this possible.