Day two of the Russia Meeting 2001 began under tight security. Russian Secret Service personnel crowded the lobby as more than 350 business leaders passed through intense inspection to enter the ballroom where Russian Federation President Vladimir Putin addressed the Forum.

Unlike the paranoia that filled the meeting site moments before the arrival of Putin, the delivery of Putin's speech created a positive and upbeat mood.

Putin was first introduced by Klaus Schwab, President of the World Economic Forum. Schwab credited Putin with the development of "a powerful, young, responsible, dynamic Russia."

In his 30-minute speech, Putin emphasized integrating Russia into the global economy. He encouraged Russian businesses to meet regularly in order to help expedite this process. Putin also invited the international business community to "feel at home" in Russia, and presented a "new vision" of the Russian economy which he said would prove beneficial to investors.

In describing this new vision, Putin listed the recent achievements of Russia, including a modern court system bolstered by higher salaries for judges, new social reforms, including a modern pension system, and a new income tax law. Putin said such reforms and greater business transparency are essential to Russia's integration into the global economy.

Putin emphasized that a lack of transparency bred corruption that has plagued Russian businesses in the past. "We should not be afraid of business transparency," Putin said. "Legal business needs to feel comfortable and know that it will be protected."

Putin applauded Monday's Exxon-Mobil announcement to invest US $12 billion in Russia's energy sector and pledged to attract other similar large scale investments.

Putin said he was confident of a strong Russian economy, and pointed out that Russia's growth rate was comparable to other leading European countries. Meeting participants were also treated to Putin's humor when he told participants "by 2010, we will all be happy."

After Putin's speech, the floor was opened to questions and comments, which mostly centered on the potential effects of the global recession on the Russian economy.

"Russia isn't fully integrated yet; therefore a global recession won't affect it that much," Putin said in reply to a question about the global recession.

In response to questions about the momentum driving growth, Putin responded by saying its longevity will be domestically driven through economic liberalization and the social reforms that have already taken form.

The President's words were met with overall enthusiasm. "The address of President Putin was the highlight of our discussions providing important encouragement for the positive flow of investment," Macha Levinson, Director of the World Economic Forum said.

Only a few were not as enthusiastic. "I think he's had some sort of baptism since September 11," said Clifford Kupchan, vice-president of the Eurasia Foundation, who admits to being skeptical of Putin's instincts. "Even so, he did give a great speech."

At the exact conclusion of the hour, Putin was immediately escorted out of the building, guarded on all sides. Participants continued on with a full afternoon of discussion, covering topics such as corporate governance and Russia's energy sector.