AmCham Russia May/June 2009

"I think it is reasonable to say that the unprecedented US-Russia business summit in Moscow on July 7 – with the attendance of Presidents Obama and Medvedev and the active participation of more than 30 corporate chief executives from both countries – was not simply a success in achieving its stated goals, but was a truly historic occasion in marking a new era in relations between our two countries. I believe all participants came away from this extraordinary event with a high degree of optimism that our hopes and goals can be achieved, and a new determination to 'make it happen'."
— Andrew Somers, president, American Chamber of Commerce in Russia

At the working sessions of the July 7 Business Summit, business leaders met for three CEO panel discussions designed to provide the Russian and American governments with recommendations for increasing the openness of their respective markets for mutually beneficial trade and investment opportunities. They touched on the need for Russian WTO accession, as well as hopes for a bilateral investment treaty. Several speakers called for the removal of administrative barriers hampering foreign investment by both the U.S. and Russia, while others warned of growing protectionism in both countries. continued

Good afternoon. Dobryy den'. It is a great privilege to join all of you today with President Medvedev. From our first meeting at the G20 summit in London to our discussions here in Moscow, President Medvedev's leadership has been critical to new progress in U.S-Russian relations. And the fact that he has experience in business, in the private sector, makes him an invaluable ally in our efforts to improve the commercial ties between our two countries.

I want to thank our ambassador, John Beryle, for all the work that he does here in Moscow. And I want to thank all the organizations that helped to bring us here today: the U.S.-Russia Business Council, the American Chamber of Commerce in Moscow, the Russian Union of Industrial Entrepreneurs, Business Russia, and so many others. continued

Ladies and gentlemen,

I would like to begin by welcoming everyone here. We are running a little bit late, but let me assure you, this is because we were working, as the President of the Russian Federation and the President of the United States do not meet that often.

Furthermore, President Obama has had a very busy day, and even this meeting with business leaders is not the last item on his agenda today.

It is my pleasure to make a few remarks. I will begin by saying that just recently, about a month ago, I met with many of the people present here today at the St Petersburg International Economic Forum. I am certain that some good discussions were held there, and I'm sure that the discussions here today will also lead to practical results. continued

President Obama, President Medvedev, on behalf of the American Chamber of Commerce in Russia, the U.S. Chamber of Commerce in Washington and the U.S.-Russia Business Council, we are very grateful that you are both spending time with us today and that each of you have placed business as a cornerstone in a new political relationship. We feel privileged that you're here and I'll be very brief.

I can't summarize the very rich discussions that took place in the last two-and-a-half hours by leading business executives, but if I had to pick one area where I think both governments could take the same steps to increase the flow of investment and trade in the billions of dollars, it would be to modernize the U.S. export control regulations and modernize the Russian Federation input regulations, particularly those regulations that are centered on encryption. continued

Well, thank you very much, Mr. President Obama, Mr. President Medvedev. We have had a very productive session here and all agree there are plenty of opportunities for growth between the businesses in Russia and the U.S. We do not only think about oil and gas and mining industries, but Russia has a wonderful track record of other industries in shipbuilding, aerospace and farming, just to mention a few.

All of that is embedded in a country that has a great culture, that has historically shown this many, many times and to which is added excellent well-educated people as we saw again this morning – those of us, like you, President Obama, who attended the New Economic School graduation celebration ... continued

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