On November 8, 2010 Minister E. Nabiullina and Paavo Väyrynen, the Minister of Foreign Trade and Development of Finland, who are the co-chairs of the Russian-Finnish Intergovernmental Commission on Economic Cooperation, held talks in the Ministry of Economic Development of Russia


During the talks the sides discussed topical issues of bilateral economic and investment cooperation, prospects of cooperation in modernizing the Russian economy, problems of Russian-Finnish cooperation in the timber industry and organization of the 12th session of the Russian-Finnish Intergovernmental Commission on Economic Cooperation.

The parties noted that economic and trade relations have been developing successfully. In this way a significant increase in bilateral trade of almost 23% (it reached 9.9 billion dollars) was observed between January and August 2010. At the same time Russia's exports grew by 28.4% to $ 7.3 billion, while Russian imports from Finland increased by 9.5% (up to 2.6 billion dollars).

Minister P. Väyrynen hoped that in the future, Russia will become the largest trading partner for Finland both in exports and imports. The Finnish side stressed that major companies like Nokia and Fortum have already been actively participating in investment projects in Russia. Minister E. Nabiullina noted that participation of Finnish companies in implementing projects for the creation of facilities for logging, timber processing and pulp and the paper industry in Russia is beneficial for Russia.

At the meeting Väyrynen P. raised the issue of cooperation in the sphere of modernization. E. Nabiullina said that the Russian side intends to propose drafting a joint declaration on modernization in the framework of the program of economic modernization. Deputy Minister A. Slepnev commented on the fact that the bilateral declaration on the modernization had already been signed with a number of European countries. He suggested that the declaration should include the principal vectors of bilateral cooperation and that the list of specific Beacon Projects which might be agreed later by the sides should be added. It was agreed at the meeting that the experts should study the issue of preparation and approval of such documents.

Also during the talks the sides discussed the activities of the Russian-Finnish IPC and the work of regional and sectoral working groups of the IPC. It was noted that the IPC is an effective tool for coordination and development of bilateral trade and economic cooperation, including cooperation in modernizing the Russian economy. As a result of negotiations an agreement was reached to hold the 12th session of the IPC in one of Russia's regions in Q1 or Q2 of 2011.