The business summit will be held ahead of the meeting of G20 leaders due on November 11 in Seoul.

"I think by tomorrow we will have good progress," Lee said. "President Medvedev has made maximum efforts to successfully hold the summit. President [Medvedev] will also chair one of the meetings at the business forum."

Medvedev will also participate in the summit's roundtable on trade and investments.

Lee expressed his hope that the summit in Seoul would be successful.

Earlier in the day Russia and South Korea agreed to cooperate in their preparations for the APEC summit in the Russian Far East and a summit on nuclear security in South Korea in 2012, Lee said.

"We agreed on close cooperation and preparatory work for the APEC Summit in Vladivostok and the nuclear security summit in Korea in 2012," Lee said.

Lee noted that South Korea and Russia have agreed to combine forces against major global threats, including climate change, international terrorism and the war on drugs.

Earlier on Wednesday, Medvedev urged South Korean businesses to invest in Russia and invited South Korean businessmen to attend the 2011 St. Petersburg International Business Forum.