G20 businessmen gather for meeting in Toronto

As proposed by Canadian Minister of Finance James Flaherty, it is attended by two delegates from each G-20 country. The Russian delegation will include VTB CEO Andrei Kostin and Severstal director-general Alexei Mordashyov.

At their plenary meeting dedicated to global economic recovery, businessmen will discuss the situation in the world economy, prospects for private investments, creating new jobs, and governmental steps to reduce budgetary deficits.

The meeting will be addressed by Secretary-General of the Organization for Economic Cooperation Angel Gurria.

"I expect the B20 meeting to a dialogue with governments and I think it is a new format facilitating the elaboration of efficient solutions to be implemented jointly - by businesses and government," VTB CEO Andrei Kostin said in an interview with Itar-Tass. "I think it is very important that these resolutions were not unilateral - the government resolves, businesses implement. They should be joint resolutions. The G20 format is very broad, various countries are attending, but I should say our position is very much close to that of the Russian government. It is a well-balance position aimed at more transparency and stability on financial markets not impeding the development of business as a locomotive of economic growth."

He said he will have a say at a B20 session on financial issues. "Even before the meeting started it is clear that the most radical measures have not won popular support, but certain steps are needed, we do not deny it," he went on to say. "I think the issues of regulating the derivative market and consolidating the capital base are correct. But, I think, issues of taxation are within the competence of national governments, which may take any decisions they believe to be appropriate", Kazinform cites Itar-Tass. See www.itar-tass.com