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Palma.—For the first time in the history of the Balearics government, its President, Jose Ramon Bauza, sat down for talks with Russian captains of industry at the Moscow Travel Fair.

Accompanied by leading members of the Balearic business community, primarily tourism, Bauza and his delegation sought to promote the Balearics further to the Russian market, not only as a place to come on holiday but also as a place to invest with the regional government desperate for more private investment to clear its deficit and get the local economy back on track.

However, with scores of Russian investors having just got their fingers burnt in Cyprus, both Bauza and many of the heads of the Russian business confederations, such as the Russian Chamber of Commerce, agreed that there needs to be greater judicial security surrounding foreign investment.

Bauza admitted that it is early days and the Balearics needs to be “prudent” but he added that all the meetings were cordial and very positive with Russian business leaders showing a great deal of interest in what the Balearics has to offer.