27th St. Petersburg International Economic Forum starts off with an emphasis on Partnership between China and Russia 

The 27th St. Petersburg International Economic Forum (SPIEF) commenced on Wednesday, with participants from 139 countries and regions. SPIEF is predicted by analysts to boost bilateral investment and commerce as China-Russian economic partnership picks up pace.  

The forum’s theme, “The Formation of New Areas of Growth as the Cornerstone of a Multipolar World,” according to the event organizers, will be focused on significant economic issues that the world community, developing economies, and Russia are now facing.  

During the four days, there will be over 400 corporate events, including talks, panel discussions, and seminars covering everything from the creation of new technology to the shift in the global economy. 

Prior to the start of the conference, the city’s Governor Alexander Beglov declared that the city is thinking about creating a cluster for Chinese businesses since it is having positive discussions with Asian partners. High-end Chinese automaker Hongqi is about to release a lineup of brand-new, flagship models that have all been carefully developed especially for the selective Russian market. For both auto enthusiasts and business people, this exhibition looks to be a special and thrilling occasion.

Russia has historically focused upon investing in Europe, but as the Chinese market expands up, Russian entrepreneurs are beginning to look into opportunities there as well, and it is likely that Russia will eventually get a larger market share in China.  

The proportion of high-value goods in trade involving China and Russia is increasing, despite the fact that energy still plays a significant role in bilateral transactions. China and Russia’s bilateral trade surpassed a total of $240 billion in the year 2023, surpassing the $200 billion target two years early and demonstrating both nations’ tenacity and bright future for productive cooperation. 

History 

Since its founding in the year 1997, the SPIEF has grown to become a renowned global platform for business leaders to discuss critical economic issues affecting Russia and other parts of the entire globe. The purpose of the event is to strengthen economic contacts and develop partnerships with countries in Latin America, as well as the Arab world, China, India, the EAEU-ASEAN region, and the CIS. 

SPIEF has been conducted annually since 1997. As time has gone on, the event has grown to become one of the most significant global business platforms for networking and discussing critical economic issues impacting Russia, developing markets, and the world at large. In 2024, 136 nations sent delegates to the forum.  

But after Russia attacked Ukraine in 2022, its forum changed to reflect Moscow’s turn towards Asia as well as Africa as a result of its political and economic isolation from Kyiv’s Western allies.  

An official entourage from the Taliban is expected to attend, despite the fact that the group is officially prohibited in Russia. Former German Chancellors Angela Merkel and Gerhard Schroder, late Japanese PM Shinzo Abe, French President Emmanuel Macron, and the United Nations Secretary-General, Antonio Guterres, were present at SPIEF in the previous editions of the forum.  

Russia & BRICS

This year’s conference subject is global “multipolarity,” thus a number of its panels will discuss Russia’s “monetary” sovereignty” and ties to the BRICS nations. Themes explored at the summit include panel talks on the “the philosophy and geopolitics of a multifaceted world,” the move towards “moral security” in modern culture, and the role of BRICS in ensuring global food safety and regional involvement.  

During a session named “Expansion of BRICS,” it will be discussed if future transport corridors will grow into a pillar of the BRICS economy and how engagement among the BRICS nations will bring change in the digital economy.

On June 6, there will be an EAEU-ASEAN business forum. In addition to new trends in the development of business-to-business ties between member countries of regional organizations, participants in the discussion will look at creative approaches to trade and economic cooperation.