Russia Eyes EU Help for Modernization
The EU-Russia summit in Rostov-on-Don in southern Russia at the beginning of next week is expected to focus on strengthening mutual economic and business ties. BBC News comments that Moscow, once reluctant to invite foreign investment, now appears to be more open to closer co-operation with the EU, as its energy-dominated economy is in need of modernization.
Torbjorn Becker, director of the Stockholm Institute of Transition Economics at the Stockholm School of Economics, explained that Russian officials' attitudes were changed by the latest global crisis.
The EU is by far Russia's biggest economic partner, with business between the two accounting for more than half of Russia's total volume of foreign trade. Russia supplies about a quarter of the EU's gas needs, with oil and metals being the other main exports.
Russia insists that it is seeking mutual benefits, rather than just gaining access to EU technological know-how that can be used by Russian firms in sectors which must be modernized.
ITAR-TASS notes that Prime Minister Vladimir Putin said that the dialogue on cooperation within the framework of the project Partnership for Modernization that Russia and the EU opened will be continued at the Russia-EU summit. He noted that Russia and the EU set an ambitious task of creating a common scientific and technological space.
The Associated Press adds that Putin also expressed support for the EU's actions in helping Greece survive its debt crisis.