Russia-France venture on NCaucasus resorts to set up by year-end.

7/7 Tass 292

MOSCOW, July 7 (Itar-Tass) — A Russian-French joint venture on developing North Caucasus resorts to be established by the year-end. This decision was recorded at a regular meeting of the bilateral working group with the participation of the Russian state corporation North Caucasus Resorts (KSK) and the French state holding Caisse des Depots ed Consignations (CDC).

“The sides confirmed the intention to define an organisational-legal form of a joint venture by next September and the main spheres of its operation as well as to complete the establishment of the joint venture by the year-end,” Itar-Tass learnt on Thursday at the KSK press service.

A permanent representative of the French company already started his work in Moscow, while the dialogue on setting up the venture will continue now on a permanent basis.

The meeting decided that French appropriate specialists along with their Russian colleagues would go to the North Caucasus in the near future to study in detail grounds of future resorts.

Besides, the French side expands the sphere of its investment interests. It stated its intention at the partnership dialogue to examine a possibility of investments in forming the Caspian littoral cluster along with development of Alpine skiing resorts.

The agreement on cooperation between the Russian North Caucasus Resorts Corporation and the French state holding Caisse des Depots et Consignations was signed at the Petersburg Economic Forum on June 17.

Earlier, Russian and French presidents – Dmitry Medvedev and Nicolas Sarkozy – adopted a joint declaration on developing the North Caucasus on the sidelines of the G8 summit in Deauville. The project of forming a tourist cluster in the North Caucasus was included in the number of priority topics of strategic cooperation between the two countries.

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