Outcomes of the St. Petersburg International Economic Forum 2017
The Forum brought together a record number of participants – over 14,000 business representatives, heads of international organizations, officials, experts, scientists, and media from more than 143 countries. They included heads of 700 Russian companies and 400 foreign companies. Companies from the US, Germany, China, Italy, Japan, and other leading economies were widely represented.
The global economy in search of a new balance was the key theme for discussions in the global pillar of the Forum’s business programme.
The industrial revolution 4.0 and its impact on the global economy were among the key topics discussed at the Forum. A new digitalization programme has been approved by the Russian government whereby three sectors with a potential for the most impact have been selected for the state’s active involvement - public administration, smart cities, and healthcare.
The main topic for the discussions concerning the Russian economy was Russia’s economic development strategy under the new conditions. An understanding of the need to ensure ‘quality growth’ has replaced the previous era of a basic commodities led economy and high economic growth rates. Economic sanctions against Russia have provided a major impetus for the process of import substitution.
A total of 475 investment agreements, memorandums, and agreements of intent were concluded at the St. Petersburg Forum this year for a total of RUB 1.818 billion (taking into account agreements whose amounts are not a commercial secret).
One of the most significant agreements was the agreement between the German chemical concern Linde Group and Russia’s TAIF Group for the construction of a new ethylene complex on the basis of “Nizhnekamskneftekhim” for a total of RUB 600 billion.