New Approaches in the Russian Economy: Localization and Innovations (special SPIEF session at the Boao Forum for Asia)
On 23 March 2016 the St. Petersburg International Economic Form held a panel session entitled “New approaches in the Russian economy: localization and innovations” organized by the Roscongress Foundation jointly with the Boao Forum for Asia, as part of a programme of events abroad.
The session focused on aspects of the development of bilateral relations between the Russian Federation and the People’s Republic of China. China is a leading trade and economic partner for Russia. Trade between the countries from January to September 2015 amounted to USD 50.03756 billion, with Russian exports to China accounting for USD 24.82461 billion, and imports at USD 25.21295 billion. Russia’s key exports are mineral fuels, oil and oil products, timber, non-ferrous metals, chemical products and crude ore.
Arkady Dvorkovich, Deputy Prime Minister of the Russian Federation pointed out that “In order to be able to compete with foreign products inside Russia, we need to do so outside Russia as well; otherwise this would not be open competition, as our business is constrained by barriers raised on other markets. For example, the cost of some merchandise groups is lower here than in China. Apart from openness and competition, investment and better management are also needed.”
During the event, which was attended by government representatives and members of the business and expert communities, issues concerning the development of domestic production were extensively discussed. Participants evaluated business opportunities at a time of digital revolution, and examined new approaches to organizing joint projects. Special attention was given to developing potential for collaborating in Russia and China’s innovative and entrepreneurial sectors. The dialogue on bilateral partnership will continue at the 20th St. Petersburg International Economic Forum, which is to be held on 16–18 June 2016.
Commenting on the outcome of the event, Anton Kobyakov, Advisor to the President of the Russian Federation and Executive Secretary of the St. Petersburg Economic Forum Organizing Committee, noted that the event was constructive, having led to a number of agreements on further fostering partnership with the Chinese representatives during Russia’s leading economic forums, SPIEF and the EEF. “We expect the Chinese delegation to be widely represented at our country’s major economic forums. Our Chinese colleagues are showing a great deal of activity and interest in these events. On our part, we are also aiming for a continued and steady expansion of our bilateral partnership and the progression of Russian–Chinese relations, in light of new market conditions,” Kobyakov concluded.
The St. Petersburg International Economic Forum is an international economics and business event, which each year attracts over 10,000 political and business leaders, leading scientists, public figures and members of the media from all over the world to discuss the most pressing issues facing Russia and the global community. The 20th edition of SPIEF will take place on June 16–18, 2016, at a new venue, the ExpoForum Convention and Exhibition Centre.
The Boao Forum for Asia is an international forum, bringing together government, business, and academic representatives from Asia and other continents to discuss economic growth in Asia and around the world. The Forum aims to strengthen Asia’s regional economic integration.
In March 2015 a Memorandum of Cooperation was signed between the St. Petersburg International Economic Forum and the Boao Forum for Asia.