Eighth Session of the Gore-Chernomyrdin Commission meets in Washington and Chicago

The Eighth Session of the Gore-Chernomyrdin Commission for Economic, Scientific and Technical Cooperation took place February 5-8 in Washington, D.C. and in Chicago. The commission, which meets approximately twice a year, was established by Presidents Clinton and Yeltsin at the Vancouver Summit in June 1993. During this session, Gore and Chernomyrdin stressed business cooperation between their two countries and presided over the execution of 21 agreements and 8 joint statements which broaden Russian-American cooperation in a whide range of matters such as space research, military conversion, health care, environmental protection, agriculture, energy, banking and finance.

After consultations with President Clinton in Washington, D.C., Gore and Chernomyrdin traveled to Chicago with newly appointed Commerce Secretary Bill Daley for a day of meetings with business and civic leaders from all over the U.S. Beginning with panel discussions and moving on to an afternoon luncheon, both held at the Amoco Building's Mid-America Club, the Prime Minister and Vice President listened to and addressed business community concerns. Speaking before the assembled guests, the Prime Minister stressed the importance of U.S. investment in Russia which, at a current level of $3 billion, represents about one-third of total foreign investment in Russia. Earlier, at the World Economic Forum in Davos, Switzerland, Chernomyrdin predicted that foreign investment in Russia would reach $20 billion by the year 2000. The Russian Prime Minister also emphasized that his government accords high priority to foreign investment and to the cementing of cooperative relations, friendship and understanding between the United States and Russia. In addition, he mentioned that, for the first time, his delegation included members of the Russian Duma, who, together with the U.S. Congress, will continue to play an important role in the future of U.S.-Russian cooperation.

In his Chicago address, Vice President Gore hailed the progress Russia has made in market reforms in such a short period of time while pointing to the incredible scientific potential of the country and its well developed educational system. Citing the example of Schaumburg-based Motorola, he encouraged other Midwestern businesses to develop and expand the region's involvement in Russia. Vice President Gore also cordially thanked the organizers of the Chicago events: the Mid-America Committee, the U.S.-Russia Business Council, the American Chamber of Commerce in Russia, and the American-Russian Chamber of Commerce & Industry for their support and involvement. The Chicago visit continued with a trip to the city's 911 emergency facilities and a trading demo session at the Chicago Mercantile Exchange (new member of the ARCCI).

The highlight of the Eighth Session's accomplishments was the Joint Statement on the new Regional Investment Initiative. The Initiative's general goals are to address key obstacles to investment, strengthen regional financial institutions, and aid regions in gaining access to international capital markets. The program will begin with three regions selected by mutual agreement and will then be tailored to suit the unique needs and opportunities of each. The Regional Investment Initiative will mobilize financing for private-sector trade and investment through the Export-Import Bank, OPIC, the U.S. Russian Investment Fund, small lending facilities, and international finance institutions. U.S. resources that could further the initiative include training and exchange programs in the regions, project specific technical assistance, trade finance, small business loans, and equity investments. By mobilizing private-sector involvement, the Commission will seek to build strong relationships between U.S. states and Russia's regions.

The full text of the Gore-Chernomyrdin Commission's Joint Statement on a Regional Investment Initiative in Russia is available online.