MOSCOW, May 14 (UPI) -- The European Union and Russia said an upcoming summit in Russia is aimed at modernizing Russia's economy, which is heavily dependent on oil and gas.
EU and Russian officials said the May 31 "Partnership for Modernization," for which EU commission chief Jose Manuel Barroso and Russian President Dmitry Medvedev laid the groundwork during a November summit, will include discussions on increasing foreign investment, promoting scientific research, integrating markets and protecting the rule of law, the EUobserver reported Friday.
The summit is aimed at helping modernize the economy of the country, which receives nearly half of its state budget from oil and gas.
The "Memorandum on key areas of the Partnership for Modernization," authored by Russian officials, states "flagship projects" resulting from the joint effort include the transfer of high-end technology, including nanotechnology, space technology and biotechnology, from EU firms to Russian companies.
The summit is scheduled for May 31 in Rostov-on-Don, Russia.
