Transcript of the beginning of the meeting: 

Vladimir Putin: Mr Prime Minister, I would like to thank you again for accepting this invitation and coming to St Petersburg, as we arranged when we met in Finland.

It is gratifying that we have now seen the inauguration ceremony for the new shipping line. The company that will operate the new ocean cargo route here has a good presence on the Russian market. Maersk Line accounts for a quarter of shipping in Russia.

It is gratifying that Danish shipping operators have already started calculating the amounts of many different kinds of cargo that can be transported. They have not only prepared projections for the transport of exported grain from Russia, but also are aware of our plans to increase the production of pork and other agricultural products, and seize opportunities in export transit from Russia to other countries, including Europe.

You and I have just seen that there is a lot of Russian-produced equipment on board this vessel: its navigation equipment, the GLONASS satellite navigation system, which we are developing.

This vessel was built in South Korea, as we've just heard. And I think we could combine efforts with you in this area. We have far-reaching plans to revive and modernise the Russian shipbuilding industry, and could cooperate with you on this.

We do not necessarily need to build these vessels; we have our particular specialised abilities and I believe that our plans match our capabilities.

I am glad to have the opportunity to meet with you today and to discuss all areas of our cooperation.

Lars Løkke Rasmussen (as translated from Danish): Thank you very much, Mr Prime Minister, it was my pleasure to attend the inauguration ceremony of the Maersk line between Ecuador and Russia.

As you noted, this inauguration demonstrates how important globalisation is. This ship was built in South Korea for a Danish navigation company and was fitted out with Russian equipment: another example of Russia's growing importance in global trade.

I am happy and proud that a Danish company has, with its Russian partners, opened a new door, and this is a good example of the significance of our bilateral relations, including in trade. Our trade doubled between 2004 and 2008, and I believe we have great potential.

As you mentioned, this vessel was built in South Korea. I recently visited South Korea and understand that growth rates in that part of the world are really high. I endorse continued cooperation between Europe and Russia.

I know that Danish investment projects always offer great potential. I am happy that this is already our third meeting: first we met in Moscow, then in Helsinki and now here, in St Petersburg. I hope that next time we'll meet in Denmark. I believe that our meetings prove that our bilateral relations are improving.

I always look forward to our talks, and I hope that today's inauguration ceremony will not be our last.

Vladimir Putin: Today we met here, at a production facility, but I'd be happy to visit Denmark. Thank you for your invitation.

Another big infrastructure project, the construction of the Nord Stream pipeline, will soon be launched opposite the Danish coast, closer to the Swedish coast. Your government was the first one to authorise this project. We could visit that site to look at the progress being made out on the open sea.

Coming up we will have a working dinner, and you will have an opportunity to compare the Karlsberg beer brewed in Denmark with that brewed at the Baltika brewery in Russia, where the main shareholder is Karlsberg. I remember arranging that with you in Finland. It is a must.

Lars Løkke Rasmussen (as translated from Danish): It proves that you deliver on every promise.

Every time Nord Stream is mentioned, I feel proud that this project is underway and that the Danish company DONG Energy can buy natural gas from you. Nord Stream will allow us to create an energy market in the Baltic, thus increasing energy supply security in Europe.

Vladimir Putin: Thank you.

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Question: Many people envy your popularity. Will you share your secrets with Mr Rasmussen?

Vladimir Putin: You know, popularity comes and goes. Today the Prime Minister and I did not meet in order to exchange favours and sing each other's praises. These are hard times. Russia and many European countries have suffered in the downturn, and we must consider ways of assuaging the negative effects of the recession, in order to make people more confident in what is happening in the global economy and our economies.

Mr Rasmussen has touched on energy, which is one of the cornerstones of every economy, and of the global economy in general, and we are going to discuss our cooperation in engineering and high technology today.

I hope or rather I have no doubt that we will find ever more opportunities for cooperation, and that this will help our future development and ensure decent salaries for people. The rest is the by-product of our activity.

Thank you.