Russia and Switzerland signed on Tuesday a plan of action on cooperation in the economic field in the years to 2010, Itar-Tass reported. Russian Minister of Economic Development Elvira Nabiullina and Swiss Federal Economics Department chief Doris Leuthard signed the document. Nabiullina said the plan of action “touches on many sphere of cooperation, and it will allow creating a good basis for development of cooperation”. She also hopes that Swiss investment would come to technological sectors of the Russian economy and the creation of effective jobs. “We are interested in joint ventures, including those with access to Russia's export markets,” she said. Trade between the two countries was 16 billion dollars in 2007. Switzerland's investment in Russia was 5 billion dollars and Russian investment in Switzerland 1.5 billion dollars, Nabiullina said. “It is very important that Swiss investment goes into processing sectors, into machine-building, the food and timber industry. We have also discussed prospects for development of investment in new sectors, considering the transition of the Russian economy to the innovation path,” Nabiullina said. “Switzerland is Russia's tenth partner with the amount of direct foreign investment.” Leuthard hopes for the “continuation of cooperation”. “We have discussed possible cooperation in the bank and financial spheres, all the more so that many structures are already represented on the Russian market,” Nabiullina said. Leuthard assured the Russian minister that Swiss banks are open for investment cooperation, Switzerland also backs Russia's wish to join the World Trade Organization, she said. Nabiullina said the “Russian-Swiss relations are developing remarkably, and the issues that exist are not systemic, and there are no claims that can hinder the further cooperation”.
