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1 The Taipei-Moscow Economic and Cultural Coordination Commission and the Moscow-Taipei Economic and Cultural Coordination Commis-sion hereinafter referred to as the parties; Referring to the discussions held on September 18, 1992 in Taip-ei between the officials of the Intourist holding Company of Ru-ssian Federation and the Tourism Bureau of the Ministry of Tran-sportation and Communications in Taipei; Being aware of the role of tourism as a very important social, cultural and economic factor in international relations; Welcoming the new possibilities for rapid improvement of condit-ions (including formalities) conducive to expanded tourist traf-fic between Russia and Taiwan; Foreseeing the great interest and potential of Russia and Taiwanto increase tourist exchange and cooperation; Have reached understanding as follows: 1. The parties will encourage the establishment of contacts bet-ween tourism organizations and enterprises within the tourismand travel trade sector to increase the opportunities for gr-oup and individual travels between Russia and Taiwan; 2. The parties will send study missions to Russia and Taiwan to familiarize with basic tourist infrastructure and facilities.Members of the mission will consist of Commission approved h-oteliers, travel agents and NTO officers, etc; 3. The parties will consider the possibility of setting up resp-ective tourist information bureaus in Russia and Taiwan. The Introuist Holding Company of Russia will establish a represe-ntative office in Taipei. The TMECCC expresses its sincere w-elcome to Intourist to dispatch its officers to join in MTEC-CC's Representative Office in Taipei to promote its business.4. The parties will examine the conditions for cooperation in t-ourism education 'and exchange, teaching media and methods, exchange visits by tourist industry experts, etc; 5. The parties agree to carry out an exchange of travel statist-ics, travel research and other important information ; 6. The parties will explore the probability of making investmentthrough joint venture or other arrangements in the tourist i-ndustry, including hotels, and assisting in their management skill to upgrade the industry service level. The investment in poteis may take the form of new construction projects or investment in hotel equipment and furbishing (such as interi-or decoration, telephone, computer and TV sets) in the hotelscurrently under construction in Russia, including in Moscow, St. Petersburg, Pskov and Novgorod; 7. The parties also notice that the Lake Baykal is a major tour-ist destination in Russia and that investment in the cruisingindustry at Vladivostok will also be considered; 8. The parties will attempt to discuss the details of the above proposal prior to the end of 1992; 9. The parties shall, on the basis of this Memorandum, consider signing la formal agreement on tourism cooperation between t-he appropriate bodies of Russia and Taiwan; Signed on the 22nd day of September 1992 in Taipei. (Signed) H. E. John H. Chang Chairman Taipei-Moscow Economic and Cultural Coordination Commission (Signed) H. E. Oleg Lobov Chairman Moscow-Taipei Economic and Cultural Coordination Commission