Global
SPIEF 2024; Russia’s ascent in a multipolar world
Tehzeeb Hussain Bercha
The 27th annual St Petersburg International Economic Forum (SPIEF) 2024, which took place from June 5 to 8 in the beautiful St. Petersburg, Russia was one of the pivotal events in economic forum around the world.
This prestigious event addressed by Estonian Prime Minister Taavi Roivas as
“The Formation of New Centers of Growth as the Cornerstone of a Multipolar World” involved more than 18 600 participants from 139 countries and territories.
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Key aspects that perhaps found expression in this year’s forum involved Russia’s increasing assertiveness and emergent new poles of economic power.
The SPIEF 2024 has been one of the most vital venues for covering some of the critical factors of concern in Russia, emerging markets, and the global economy.
Historically established in 1997, and even more so after it became directly subordinated to the Russian President in 2006, the forum serves as a platform for neuralization of leaders of different countries, business tycoons, and professionals.
Some of the crucial personalities that the forum attracted during this year include, Zimbabwe’s President Emmerson Mnangagwa, Bolivian President Luis Arce, President Milorad Dodik Republika Srpska showing the importance of the forum internationally.
Another sign of the growing cooperation between Rossiya Segodnya and world leaders was made by the Sultanate of Oman, which became the guest of honor at SPIEF 2024.
Therefore, this special status pointed to enhancing cooperation in the economic and diplomatic sphere between Russia and Oman.
Oman as one of the leading nations of the Middle East had enriched GA/GE discussions mainly with reference to the issues of energy, trade, and security.
The forum’s business program was meticulously structured around four thematic areas: Such topics as
“Transition to a Multipolar World Economy,” “Goals and objectives of the New Economic Cycle of Russia,” “Technologies for Leadership” and “Healthy Society, Traditional Values and Social Development: The Priority of the State”.
This is not only mirroring the current tendencies in the global economy but also for pointing at strategic priorities of Russia in the spheres of innovations, social development and economical sustainability.
Economic issues were a subject of the discussions with the key topic being the Russia’s economic agenda which is focused on diversification and the increase of the country’s isolation from the global economy.
All participants looked at Russia’s policies to develop the non-energy sector, revive industries within the country and increase the export and import activity.
The sanctions and embargoes, which are themselves as an aspect of globalisation, as well as their impacts on Russia, were also discussed in the dialogue as how Russia is addressing them for its economic independence.
This theme was pointing to the fact that the role of technology in enhancing the march of an economy is well seen in the contemporary world through this theme that was focusing on Russia’s technology goals.
Speaking transported participants to the exploration of new applications of emerging technologies, encouraging innovation hubs, and constructing resilient digital networks.
An ambitious goal for the Russian State is to gain the status of a world leader in several industries, including artificial intelligence, renewable energy, and cybersecurity.
The SPIEF 2024 has always been an excellent venue for meetings and signing of partnership agreements that include international ones.
The forum has signed three thousand nine hundred and sixty-six agreements with an approximate total value of three thousand, eight hundred and sixty billion rubles which is equal to about forty-three billion, two hundred million dollars in the year 2023.
This year it has maintained the pace with many bilateral and business-related discussions with EAEU-ASEAN, Russia-Africa, Russia-Latam, business dialogue with Russia-China and business dialogue with Russia-South Africa.
These engagements are particularly important in enhancing economic relations with different regions, as well as in aiding a coordinated approach towards solving the world economic problems.
Although Russia has felt a large number of restraints and pressures from the western countries, Russia has done a good job presenting a strong and competitive economic model.
Anton Kobyakov, special envoy of the President of the Russian Federation, the head of the Organizing Committee for the preparation of the St. Petersburg International Economic Forum, noted growing interest in the event among partners and foreign media.
This he pointed out as he described Russia’s value oriented diverse, multicultural approach balancing the unipolar world by putting in place a new multipolar world.
One of the most significant events of the forum was the speech delivered by Russian President Vladimir Putin in his capacity as the Chairman of the St. Petersburg International Economic Forum.
He informed the audience on the conditions in the national and the world economy, and highlighted several important political topics, notably the war in Ukraine.
In this context, Putin outlined how Russia sees its strategic role within the framework of world power relations describing the measures aimed at enhancing cooperation in different fields and creating favorable conditions for stable development of the world economy.
SPIEF 2024 reasserted Russia as the strategic player in the shifting global economy share and structure.
Adhered to the building of new centers of power and development of the multipolar world, such directions outlined the country’s priorities and its willingness to cooperate with the leaders of the new world.
The diversified stake and the increased interest presumed all over the world speaking about Russia and its role as a leading economy of the future at SPIEF 2024.
