I am sure we will have an opportunity to discuss our economic cooperation. But first of all, I would like to point out that our interstate cooperation has been progressing very successfully, particularly the economic sphere of our cooperation. We also maintain contact in the political sphere.

As you know, we have recently celebrated the 90th anniversary of you father and the former President of Azerbaijan - a prominent statesman in the former Soviet Union as well as the Republic of Azerbaijan. I would like to note that he made a great contribution to the development of cooperation between our countries. We hope that the positive incentive of the former President will continue to develop in the future.

Azerbaijan's foreign policy towards Russia has been stable in the past few years. We believe that all positive changes at the political level are to transfer into economic cooperation. This is particularly important today, when the situation on the world financial markets and the world economy is unstable. The news from the world markets has not been comforting. Almost all Western markets have experienced a downward trend. There is no doubt that the situation has affected our economy, which is a part of the world economy. Azerbaijan has always been a reliable partner for Russia, as well as Russia has been for Azerbaijan.

I would like to say that we have no doubt that we will overcome these difficulties of the world economy. To support liquidity, the Finance Ministry has put 150 billion roubles ($5.88 billion) into the financial market and the Central Bank has put 325 billion roubles ($12.7 billion) today. Tomorrow the Finance Ministry is going to more than double this sum, to issue 350 billion roubles ($13.7 billion). Right now the Finance Minister, the Chairman of the Russian Central Bank and the heads of the biggest Russian banks are discussing their future joint steps. I repeat, we have no doubt that the security measures will work. Now we are considering the possibilities of using long-term instruments of the Central Bank. We have some experience in this sphere. We are going to be very careful. Judging by the positive tendencies in the Azerbaijani economy, the growth has been impressive not only for the CIS but for the world as well. What is the growth percentage? Is it 20% this year?

Ilham Aliev: This year it is 18% so far.

Vladimir Putin: This year it is 18% so far. Last year the growth was 20%, wasn't it?

Ilham Aliev: It was 25%.

Vladimir Putin: You can see this. In the first six months of this year the growth was 8%. Last year it was 8.1%. The figures show some stability, and we should take advantage of this. In this situation the economic relations within the CIS are very important, I mean the level of our cooperation.

We are very glad to see you.

Ilham Aliev: Thank you, Mr Putin. I am also glad to see you and to have an opportunity to discuss our bilateral relations, regional cooperation, economic achievements of our countries and joint projects.

As you mentioned, the inter-state cooperation between our countries has been very positive. We greatly appreciate this fact. I would also like to note that the basis of modern cooperation between our countries was laid by you and Heidar Aliev. I remember your first meeting and your first visit to Azerbaijan. It was the first official visit of the Russian President to our country. This was the key period for our cooperation, which was followed by huge progress. Today, eight years later, we can reap all those benefits of the dynamic cooperation between Russia and Azerbaijan, which spread to all spheres.

We greatly appreciate you respect to Heidar Aliev's memory in Moscow. We are also honoured that you celebrated his anniversary, and named a station on the Baikal-Amur Railroad after him in what was a very moving ceremony. The people of Azerbaijan greatly appreciate this.

Apart from politics, relations between our countries are very sincere and they reflect the history of our relations and traditions of our countries.

I am sure that together we will develop our cooperation. The political dialogue between our countries is very active. I remember all our meetings. Today we can also see the continuation of Russia's policy towards Azerbaijan. Our countries follow the same political line and this is a guarantee of success.

Today, Russia, as well as Azerbaijan, is one of the most dynamically developing countries in terms of politics and the economy in the post-Soviet space. Our economy has grown 2.7 times in the past five years, and this provides an opportunity to develop our cooperation.

We greatly rely on this. I believe that the present level of political cooperation provides a good basis for new economic initiatives.

As you have said, we have to take into consideration the difficult situation in the world financial markets, we have to adapt to it and develop our cooperation.

This year we have experienced a quick growth of gross turnover of over 50%, and its composition is changing for the best. When cooperation between countries is based on mutual interests, friendship, neighbourliness and predictability, then the economic development becomes more successful. So I am very happy about the way the relations between our countries develop. I hope we will develop our cooperation in different spheres and, personally, I am very glad to see you.

Vladimir Putin: Thank you. You have both budget and trade surpluses.

Ilham Aliev: Yes, we do. We have experienced the growth of inland revenues by 15 times. Budget spending grows, and this affects the inflation rate. But these are the consequences of the economic growth and this tendency will develop. GPD growth rates of 35% and 25% are in the past. Still, we will probably be satisfied with the quality of this growth. We are very optimistic about our economic initiatives and the development of cooperation between our countries.

Vladimir Putin: Thank you.