Addressing forum participants on the prospects for doing business in Russia, Mikhail Fridman noted, “There is no doubt that foreign investment will continue to play a pivotal role in the development of Russia’s economy. Everywhere in Russia we find the positive effects of our integration into the global economy. Alfa Group is immensely proud of our partnership with BP that offers great promise for the future and we are pleased to have been the industry leader in the Russian energy sector. The Russian consumer market, driven by 8% annual growth in real disposable income in Russia, will remain an attractive market for foreign investment. Though FDI to Russia still represents only 1.6% of GDP, over time we believe it could increase to the 4-5% of GDP level of Central European Countries enjoy. I believe that we will see further productive Western investment in the coming years and movement toward closer political and economic cooperation between Russia and the European Union.”

The European Business Leaders’ Convention is a forum for policy discussions among top European executives. The annual Forum “Getting Europe moving again” was held in July 7-9, 2005 in Helsinki and Savonlinna. The aim of the EBLC is to engage top European business leaders in a forward-looking debate regarding Europe’s competitiveness, its international standing and its governance.

Top executives from old and new EU member states are invited to participate together with experts and selected business and political leaders from the United States and Russia. Participation is by invitation only and limited to one hundred.

The Chairman of the International Council of the EBLC is Mr Jorma Ollila, Chairman and CEO of Nokia Corporation.