We know that it is through business and trade that we will grow, and that the private sector has an enormously important role to play in bringing this growth about.

We also know the vital importance of being a forward-looking economy, working with partners in other countries and across all sectors to share knowledge and expertise. Not only does this improve individual business prospects, but it develops cultural and bilateral relationships between nations.

This is my first visit to Russia as the UK’s Business Secretary and I am delighted to have such an opportunity to speak to political leaders and businessmen alike as we develop new and better ways of working together.

I am especially pleased to be co-chairing the Intergovernmental Steering Committee, which meets every year alternately in Russia and the UK.

We will be focusing on continued collaboration and co-operation, especially in areas around Financial Services, the Business Environment, Small and Medium-Sized Enterprises (SMEs), Hi-Tech Industries, Energy and Energy Efficiency and the Olympic Legacy.

Crucially these talks are led by businesses themselves, as they are best placed to know the barriers and opportunities that can exist when expanding abroad.

We value our relationship with Russia, and this was emphasised by both our Foreign Secretary, William Hague, when he visited Moscow earlier this year and our Prime Minister when he spoke with President Medvedev earlier this month about strengthening ties between the countries.

This week I come to Moscow with thirty-eight UK business leaders: people who have successfully invested in Russia and who understand the advantages your country has to offer them.

We already share excellent links in trade and investment, science and education, and they have capitalised on these. I want to encourage Russian businesses to do the same and expand into the UK.

The UK provides the one of the best environments for companies to grow, and the World Bank recently named us the easiest place to set up and run a business in Europe. We are also one of the most flexible labour markets in Europe with a unique gateway of international trade connections.

In our most recent budget, we made our commitment to business clear by promising to reduce the main rate of corporation tax from twenty-eight percent to twenty-four percent by April 2014.

Russian companies currently invest just under £200 million in the UK on an annual basis, generating jobs and wealth in both countries in addition to gaining useful local knowledge.

Our relationship is particularly strong in the creative industries, and in financial services. I know there is great appetite in Russia for Moscow to become an international finance centre and the UK is keen to offer any co-operation we can to make this happen.

There is so much that Russia and the UK can offer one another and I hope that this visit and the Steering Committee will be the launch pad for more focused co-operation between us.

Vince Cable provided this aryiocle as an ope-ed  for Kommersant. It was distributed by UKTI in London.