Peter Mandelson and representatives of the Confederation of British Industry.

First Deputy Prime Minister noted that today's meeting discussed the prospects for the development of economic ties between Russia and the United Kingdom and the measures the Governments take to overcome the consequences of the world financial crisis.

After the meeting the First Deputy Prime Minister said that in spite of some political complications Britain is committed to developing economic links with Russia. He said that Britain had a good potential to invest in the Russian economy just as Russia had potential to invest in the British economy. "I hope we will create many new projects," Mr Shuvalov added.

The First Deputy Prime Minister recalled that Russia and Britain already have some successful cooperation projects "when British companies have invested in the Russian Federation". Mr Shuvalov and Mr Mandelson agreed that it is necessary to maintain dialogue "in order to emerge from the crisis in a new capacity".

Mr Mandelson said that Russian and British economies should remain parts of the global economic system and speed up diversification. "There is a similarity of approach between the Russian and British Governments to dealing with the problems in the banking sector," Mr Mandelson believes. It is very important that "banking credits become more accessible for the markets to start functioning as soon as possible," the Secretary said. He also expressed his opinion on government interference in the economy: he thinks it is only admissible when absolutely necessary and for a short period.

The Director-General of the Confederation of British Industry Richard Lambert confirmed that the British business community was interested in investing in the Russian economy. He recalled that the British are among the biggest foreign investors in Russia and are putting their money in various sectors ranging from energy to the food industry.

"We are interested in investing in Russia in the future and we would like to see Russian business in Britain," Mr Lambert said.