Transcript of the beginning of the meeting:

Vladimir Putin: Good afternoon. Please, go ahead.

Yevgeny Savchenko: We expect good end-of-year macroeconomic indicators in the region.

Vladimir Putin: I have heard as much - about local farming and industry and construction.

Yevgeny Savchenko: At least 30% year-on-year growth was recorded in agriculture, up from 22% registered last year. Meat production is the fastest growing area here.

Thanks to the national projects, this year's total output will exceed 700,000 metric tons, while the region's food producers have a capacity of rolling out 1 million tons of meat, the largest capacity among Russia's regions.

Vladimir Putin: I know, I have seen it. How are these farms doing - the ones I visited? How's the holding company growing? I recall plans to support it.

Yevgeny Savchenko: They are doing fine. He (Andrei Danilenko, head of the agricultural holding) has increased cattle livestock count by another 1,500. That is, at one of the farms - while the other one is 7 kilometres away. The company is certainly growing.

On the other hand, the milk market is tightening. Well, it has never been quite easy, but still...

Vladimir Putin: He's a good guy, young and vigorous. He moved here from the United States, didn't he?

Yevgeny Savchenko: Yes, he did.

Vladimir Putin: And took up farming?

Yevgeny Savchenko: He applied for Russian citizenship, and his request will soon be granted.

Vladimir Putin: What about construction?

Yevgeny Savchenko: Residential construction is heading for a record, over 1.1 million square metres of housing this year, with 70% of that total detached housing. Individual residential projects account for a bigger share of housing every year.

You have seen the local attitude towards single unit construction. On the whole, the local construction industry is very stable: it has enough contracts, which are being fulfilled despite the unfavourable economic situation. We do not expect cutbacks in construction next year, thanks to new investment projects.

Industry will show at least a 12% growth this year, again, despite an unfavourable macroeconomic trend in mining. However, things suddenly improved a few days ago.

Vladimir Putin: I think there have been solid investments in mining projects in your region?

Yevgeny Savchenko: There were plans to begin development of a new deposit this year. Viktor Rashnikov (chairman of the Magnitogorsk Iron and Steel Works, MMK) has started working on the project, estimated at over $3 billion. He has taken a time out, that is, the project is not closed, only moved to a later date. I am certain that he will come back to this project in a year or two. That was the largest investment project we considered.

Other projects involve cement plants and are in progress but may also have to be rescheduled.

The region's social issues are well managed; the regional budget is consistently implemented, with all financial obligations honoured on time. As for the employment rate, I can say that there are 1.5 jobs offered per one unemployed person, which is a good ratio.

There are minor problems, particularly at the cement plants, but we are working on them. I think we'll take care of them in the next few years.