pleasure to be here in a beautiful northern capital of russia for the saying you just burke international economics for twenty eleven. so let me begin by offering my heart to graduation on the successful opening of the forum. things it's a launch in one thousand nine hundred seventy today as. it has grown into an important. call it discussions on economic development in russia and beyond. attracting out tending representatives of different sectors it has enjoyed rising global influence in the past fifteen years this forum has witnessed the sustained and faster growth of the russian economy and contributed to international economic exchanges and crow pleasure and we applaud the positive role this forum has played over the years and you see our world is experiencing major development transformation and adjustment. there is a stronger call development alterations among the people. see the trend towards a lot of polo world and economic globalization is gaining momentum economies around the world are becoming increasingly interdependent emerging markets and developing countries are growing rapidly. and

burke will update us on what's happening at the economic forum. that's right it is the third and final day of the st petersburg international economic forum and the main topic of discussion on the table today has been the announcement from president medvedev at the conference that he wants to expand the borders of moscow in order to move infrastructure out there and free up space in the center of the city for business is in order to establish russia's capital and europe's largest city as a major financial hub the idea is to move jobs away from the congested area in order to the center of the city in order to ease traffic which is notorious in downtown moscow and ease the problems associated with large employers there however to help with this this will also help with infrastructure in the city but there are other challenges that the city is facing according to one gentleman we spoke with from melbourne it's a elbrus capital management. i would like to immediately points to. one weakness of the russian front actual system which has to be addressed and it's very unique looking. from a global perspective no other major economy in the world house suc

burke and national economic form. that's right these are the days when the sun doesn't set on russia's northern copyable but it is going down on a russian is on the st petersburg international economic forum or president dmitry medvedev capped off the entire event with a address during a panel discussion that he shared with the presidents of finland the prime minister of spain and the president of kazakhstan where they discussed the challenges facing the global economy the russian president called on all countries to jointly handle challenges facing the global financial system and he said united efforts and policy will help pull countries out of the deadlock and the doldrums that are facing the global financial system he said a key priority for russia in this case is to integrate more with other countries in the global economy and foster better cooperation with all of them and part of that a keystone of all that he believes is the establishment of moscow europe's largest city as a major financial hub for the global financial system europe is looking toward is looking toward as he believes he believes that moscow is uniquely positioned to provide that service he's proposed i