MOSCOW, November 1. /TASS/. Russian President Vladimir Putin looks forward to the further development of business ties with Germany despite global political and economic tensions, as he himself said at a meeting with representatives of German business circles in the Kremlin.

He pointed out that bilateral trade had grown by 23% in 2017, reaching $50 bln, and the upward trend remained in 2018. "We highly value German business circles’ readiness for cooperation, pragmatism and constructive approach. We hope that business ties between our countries will continue to develop despite global political and economic tensions," the Russian president said.

He added that investment and trade cooperation between the two countries not only was beneficial for both Russia and Germany but also helped strengthen bilateral relations.

Putin pointed out that it was the third meeting of the kind, while regular direct contacts had great practical importance, as Germany was one of Russia’s biggest economic partners. According to Putin, German investments in various sectors of the Russian economy exceeded $20 bln, while Russia had invested $9 bln in the German economy. About 5,000 companies with German participation work in Russia, whose overall revenues reach $50 bln.

"Cooperation goes on in the construction and renovation of industrial facilities. Cars, trains, electric equipment and agricultural machines are manufactured based on cutting-edge German technologies," Putin said. He noted that one-third of Germany’s oil and gas requirements were met through Russian oil and gas supplies. The two countries had implemented many important energy projects in the previous years, Putin noted, adding "and now, the Nord Stream 2 gas pipeline is being constructed.".