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5 Jun, 2008 13:40

Medvedev calls for Europe to lift trade limits on Russia

Russian President Dmitry Medvedev has demanded fair trade conditions for Russian investors in Europe.

In his speech before the German business and political elite, Medvedev hailed trade with Germany, which exceeded $US 50 billion, but also encouraged more investment.

“We are prepared to look into the possibility of creating international consortiums for the operation of pipelines by companies from Russia, the European Union and the transit countries,” Medvedev said. “This is the interdependence that we are talking about in Europe and in the world as a whole.”

Apart from energy, Medvedev encouraged German business to invest in Russia's hi-tech facilities as the country diversifies its economy away from energy.

He singled out other areas for cash inflow – nuclear and electrical energy, in addition to machine and aircraft building.

Medvedev promised to help Russia's business sector by fighting corruption and streamlining business laws.

President Medvedev wants the same rules for Russian investment in European projects as foreign investors get in Russia.

He said: “There are some unjustified limitations on Russian investment in European companies and projects. We want to create a clear set of rules. We want to welcome foreign investors developing high-tech companies in Russia and we would like our foreign partners to take the same approach.”