Putin confirms feasibility of double GDP by 2010

Vladimir Putin has confirmed that plans to double the GDP by 2010 are quite feasible.

"Russia has assumed ambitious plans to double our GDP, meaning a qualitative economic breakthrough-it is a hard but practicable task," said the president, when talking at the energy forum in London.

The head of state referred to the power industry as a locomotive of our economy. Power engineering growth enhances economic development on the whole, said Putin.

To this end, he continued, Russia's annual economic growth rate should be not less than 7.2 per cent. Over the first months this year, the index made 7.1 per cent, reported Putin.

The head of state said that our priority No.1 is Russia's integration in the European and world economy and Britain is regarded as one of the main partners in this effort.

In 2002, the mutual turnover grew 15 percent and Britain moved to the third place as to the size of investment in Russia after Germany and Cyprus, reminded the president. Commenting on Cyprus being second as to the volume of investment in the Russian economy, Putin accounted for this by repatriation of Russian capital, which, in his opinion, is a good sign as well.

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