Transcript of the beginning of the meeting:

Sanjaagiin Bayar: Mr Prime Minister, I am pleased to welcome you to Mongolia nine years after your last visit.

Vladimir Putin: Eight and a half.

Sanjaagiin Bayar: Let's say eight and a half. We are very pleased to see and have you here again.

We have been working actively with the delegation that includes: Minister of Transport Igor Levitin, Minister of Agriculture Yelena Skrynnik, and representatives of major companies, such as Sergei Chemezov, General Director of the state corporation Rostechnologii. We have held meetings with him. Now we are ready to continue that dialogue we began in Moscow in mid-March of this year.

We consider your visit politically important for relations between our two countries. We remember that nine years or so ago, when you were President of Russia, you paid a visit to our country, and signed what we call the Ulan Bator Declaration.

It laid the foundations for relations between our two countries in the new century.

It is very good that regular contact has been maintained and frequent meetings have been held at the highest political level. This helps us to resolve the issues relating to cooperation in the political, economic, cultural and humanitarian spheres. We currently lay great emphasis on our economic cooperation, something I look forward to discussing with you today.

Vladimir Putin: Many thanks, Mr Prime Minister, for your kind words, and for your welcome.

It has indeed been a long time since I was last in Mongolia, nearly nine years, eight and a half; nevertheless, relations between our two countries have not stood still during that time - they have grown. We maintained continuous contact at the highest level; not long ago you paid us a visit. Also, not long ago I met the President of Mongolia at Davos as part of the international event there.

The President of the Russian Federation, Dmitry Medvedev, will soon visit Mongolia on the occasion of the 70th anniversary of our joint victory at Khalkhin Gol.

In the main, our relations are bound by economic ties. And here there is something to focus on, for those who lead these economic ties: the well-known metallurgical companies, and the Ulan Bator Railway in the transport sector. But we also need to look to the future, and to find new opportunities, in addition to developing those we already have.

However, the most important aspect of what we had, and of what we still have, is the good-natured relations between the peoples of our countries. This is clear to the naked eye while driving along Ulan Bator's streets. It is visible how warmly people have welcomed us, with wide smiles. It is very pleasing to see, and I would like to thank everyone in Ulan Bator for this warm reception.

Sanjaagiin Bayar: Thank you very much. While it is not customary to offer best wishes for celebrations which have not yet taken place, let me wish you, Mr Putin, the very best on the recent Victory Day, a celebration of the memory of all who gave their lives for our freedom and independence.

Vladimir Putin: Thank you very much, and best wishes on Victory Day to you, too.