His assurance that inflation in Russia is better evolving than many experts expected, Russian President Vladimir Putin said, speaking at the St. Petersburg’s International Economic Forum.

In addition, he stressed that the Russian economy should not be allowed to fall into recession or stagnation, according to Reuters.

The Russian president also said that it was a duty for all to develop the economy balancedly, while arguing that growth is not only due to the military complex (a relationship between the Armed Forces and the Defense Industry).

Russia intends to develop military and technical cooperation with “friendly countries” with which Moscow wants to jointly produce weapons and train military personnel.

He added that Moscow is also planning to modernize its own armed forces and bases, equipping them with the most up -to -date weapons and the latest technology.

“We will take advantage of the new technology to improve the militant capabilities of the Russian Armed Forces, modernize military infrastructure facilities and equip them with the latest technology and weapons and equipment. At the same time, we intend to develop military-technical cooperation with friendly countries. And we are not only talking about supplies or modernization of equipment and weapons, but also about common development, staff training and creation of businesses and production facilities with hand in hand, “he said.

Speaking about world trade, Putin said Russia plans to develop trade ties with its partners, abolishing obstacles and deepening investment cooperation.