St. Petersburg International Economic Forum Kicks Off, Fostering Global Economic Collaboration
Ira Singh
15 June’23
The highly anticipated St. Petersburg International Economic Forum (SPIEF) commenced on Wednesday at the Expoforum exhibition center in Russia’s second-largest city St. Petersburg, attracting renowned political leaders, influential business figures, and distinguished economists from around the globe.This year’s event is being held under the theme, Sovereign Development as the Basis of a Just World-Joining Forces for the Future Generations.
According to the forum’s press service, more than 17,000 people from about 130 countries and territories have confirmed their participation in SPIEF, scheduled to end on Saturday.Held annually in Russia’s cultural capital, SPIEF has become a premier platform for fostering economic cooperation and discussing key global challenges.
The four-day forum, running from June 14 to 17, aims to facilitate dialogue on various topics, including innovation, technology, sustainable development, and regional economic integration. With the world still grappling with the aftermath of the COVID-19 pandemic, the forum provides an opportunity to explore strategies for recovery and revitalization.
SPIEF has been held since 1997 and has become a powerful global platform for the business community to discuss critical economic issues facing Russia and the world.
At SPIEF, where this year’s guest country will be the UAE, panel discussions, roundtables, thematic business breakfasts, television discussions, bilateral business dialogue activities with foreign partners, meetings with representatives of BRICS, the Shanghai Cooperation Organization (SCO), Eurasian Economic Union, and ASEAN, will take place.
The opening ceremony witnessed an impressive lineup of speakers, headlined by Russian President Vladimir Putin, who emphasized the importance of international collaboration in overcoming shared obstacles and promoting economic growth. President Putin expressed his optimism for SPIEF’s potential to strengthen ties, forge new partnerships, and stimulate investment in Russia and beyond.
This year’s SPIEF features a diverse range of sessions, panel discussions, and exhibitions. Participants will delve into pressing issues such as digitalization, artificial intelligence, renewable energy, and sustainable finance. Additionally, attention will be given to geopolitical developments and their impact on global trade and investment flows.
Russia Takes Steps to Develop Independent Payment System Amidst Geopolitical Tensions
In a move aimed at reducing dependence on foreign financial infrastructure, Russia has initiated the development of its own payment system, signaling its determination to establish an independent financial ecosystem. The decision comes as geopolitical tensions persist between Russia and the United States and European Union, prompting the country to seek greater autonomy in its financial transactions.
The development of a domestic payment system, announced by Russian authorities, is seen as a strategic response to potential sanctions and restrictions imposed by Western nations.
While the specifics of the payment system are still being formulated, it is anticipated that it will leverage existing domestic banking infrastructure, including Russia’s national payment card system. By integrating various financial institutions and payment service providers, the system aims to offer a comprehensive suite of payment solutions that cater to the diverse needs of businesses and consumers.
A new world order could be emerging as economic powerhouses increase their efforts to distance themselves from US dollar hegemony.
According to reports a top Russian official has claimed that the BRICS alliance is working on creating its own currency.BRICS is an acronym for five leading emerging economies-Brazil, Russia, India, China and South Africa.
Economists including State Duma Deputy Chairman Alexander Babakov,stressed the importance of new medium of payments saying-“It’s composition should be based on inducting new monetary ties established on a strategy that does not defend the US’s dollar or euro,but rather forms a new currency competent of benefiting our shared objectives.”,at the St Petersburg International Economic Forum, according to reports.He also said the currency could benefit China and other BRICS members,and not the west.
One of the notable sessions scheduled for the forum focuses on the post-pandemic recovery and the role of governments and businesses in ensuring a sustainable and inclusive future. SPIEF has gained international recognition for its business matchmaking capabilities, providing a platform for entrepreneurs, investors, and industry leaders to connect and explore potential partnerships.The forum also serves as a platform for bilateral and multilateral meetings between heads of state, ministers, and business leaders. These interactions facilitate diplomatic discussions, trade negotiations, and the signing of strategic agreements, further cementing economic ties between countries.
As part of the event, a series of cultural and social programs are organized, enabling participants to experience the rich heritage and vibrant spirit of St. Petersburg. These activities aim to foster cultural exchanges and promote a deeper understanding among nations.
As the forum progresses, the world eagerly anticipates the outcomes and initiatives that will emerge from the dynamic discussions and interactions at SPIEF, with hopes that they will contribute to a more prosperous and interconnected global economy.