11:28 GMT +326 March 2019
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    Russia to promote foreign investment in timber industry

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    MOSCOW, July 15 (RIA Novosti) - Russia will create favorable conditions for foreign investment in the country's timber industry, Russian Minister of Natural Resources Yury Trutnev said.

    The minister met with the management of Anglo American Plc, the world's second largest mining company, during his visit to South Africa. The company is interested in setting up timber processing works in Syktyvkar (the Komi Republic, north European Russia).

    The Mondi Global company, a 100% subsidiary of Anglo American, already owns a timber processing plant in Syktyvkar.

    The minister also met with South African businessmen to discuss work carried out under the Russian-South African agreement on energy cooperation signed in Johannesburg in November 2004. The parties agreed to hold a meeting between representatives of Russian and African companies in Moscow in the fall.

    Trutnev also met with South African Foreign Minister Nkosazana Dlamini Zuma Friday to discuss bilateral agreements on commerce and industry.

    The officials discussed the mid-term results of the implementation of the decisions of the fourth session of the joint intergovernmental committee for trade and economic cooperation. The ministers co-preside over the commission.

    The fourth session of the committee was held last November in the capital of South Africa. Moscow will host the fifth session in late 2005.

    The ministers also considered a draft Russian-South African agreement on cooperation in the exploration and peaceful use of space, and on maritime and air transport, health services and medicine.

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