Speaking about the specific features of economic diplomacy in the Black Sea region, Mr. Denisov noted that "political efforts could not replace practical economic activities".
"The Black Sea region has many prospects for economic cooperation, however, the situation there is complicated due to the tensions in the Balkans and Transcaucasia," the Russian diplomat said.
In spite of high investment risks, this region can yield big profits, Mr. Denisov added.
"Our companies can profit by buying shares in the capital of industrial objects," he noted.
According to him, member states of the Black Sea Cooperation Organization have good investment prospects and the effectiveness of Russia's presence in the Black Sea region should be confirmed by practical work within the organization.
"In this case the Russian Foreign Ministry would not have to replace purposeful economic activities by political organizations," the diplomat said.
"We are achieving something but it helps us maintain our presence in the organization. Businessmen and experts should promote perspective work, forward practical projects and develop business," Andrei Denisov concluded.
