A lot of things pointed to the fact that the delegation of the Southern Federal District headed by the Plenipotentiary of the President of the Russian Federation Viktor Kazantsev had been waited impatiently. The work of the delegation was exceedingly intensive. His Royal Highness the Greek Prince of Asturias Philippe Burgon met the delegation in his palace, then the meeting with the deputies in the Parliament of Spain and the reception in the Russian Embassy in Spain were held.

Many contracts, agreements, protocols of intentions on cooperation and realization of investment projects in the south of Russia were signed between the meetings. Vladimir Gorbachev delivered a report at the round table on investments in transport, telecommunications and non-manufacturing business (including tourism and recreational complex). Telecommunications sector continues to develop more dynamically than any other sector of Russian economy and lays the foundation for advance of industrial and business activity both in the country and in the Southern Federal District, where the level of telecommunications development is rather high and there is still a potential for large investment projects.

Viktor Kazantsev announced that the results of the International Investment Forum "South of Russia-2003" in Madrid exceeded all expectations. Russian businessmen who took part in the Forum signed many agreements with Spanish businessmen which contributed greatly to the foreign aggregate investment in the South of Russia valued at over 630 million euro. The delegation of the Southern Federal District in Madrid included almost two hundred people. Top officials of the main ministries, heads of the regions and republics, businessmen discussed the prospects of economic cooperation of the Southern Federal District with the representatives of business groups from Spain, France, Germany, Holland and Italy. At present time over one thousand joint ventures operate in the District's territory. "The first broad contacts with Spanish businessmen showed the positive prospects of mutually beneficial cooperation,"- Viktor Kazantsev said.

"The Spanish business community understands that the South of Russia has an enormous potential that should be used to the maximum," - Ambassador Extraordinary and Plenipotentiary of Russia in Spain Mikhail Kamynin noted. Such giants of global economy as International Finance Corporation of the World Bank group, European Bank for Reconstruction and Development, the largest European bank " Deutsche Bank" showed interest in development of cooperation with the Southern Federal District of Russia.