Petersburg Dialogue underway

Between July 13, 2010, and 15, 2010, President Dmitry Medvedev and Chancellor Angela Merkel will join German and Russian NGO representatives, business leaders, and politicians in Yekaterinburg for the 10th Petersburg Dialogue. Klaus Mangold, who heads the German delegation, noted the potential for effective bilateral cooperation as Russia updates its industrial base: “Because of its industrial strength, Germany continues to be a natural partner for modernizing Russian industry.”

SMEs in Russia

Russia hopes to follow Germany’s lead in harnessing the innovative potential of small and medium-sized business (SMEs), a topic of discussion at the Petersburg Dialogue. Germany’s KfW bank and the Russian Vnesheconombank are planning to launch a joint financing project aimed at fostering SMEs in Russia. 

Siemens to sign agreements

During Chancellor Merkel's visit, German conglomerate Siemens AG will sign a $2.8 billion contract to supply Russia with 240 new regional trains.  Siemens is also scheduled to announce a joint venture with Russian Technologies Corp. and RusHydro to produce wind turbines locally. By 2020, Russia aims to have more than EUR5 billion worth of wind power assets, with a capacity of 5,000 megawatts.