Opening of the second day. Session "Financial resources for a breakthrough in the Eurasia’s economy of the future"
The financial sector is rapidly changing under the pressure of widespread new technologies and a turbulent geopolitical situation. How do senior managers in leading financial institutions view the trends in the industry?
One trend is certain: a quality change in energy, mining, engineering, etc. will be a necessary condition for the transition towards a new wave of economic development.
Emerging Technologies for the Industrial Revolution: Hype Versus Reality
Today high technologies have an increasing impact on our daily lives and are reflected in almost all sectors of human activity from medicine and education to agriculture, industry and services. Participants of the session will discuss what technologies are now at the peak of interest, and which can be dismissed.
China, the EU, and the EAEU promote large-scale infrastructure development programmes. The best results and efficiencies will be achieved if their efforts are combined.
Goods need to be produced and delivered to markets. This creates new challenges in the use and development of transport, which becomes especially relevant in the case of Greater Eurasia.
Pharmaceutical market of EAEU - trends, opportunities, perspectives
Pharmaceutical market of the EAEU countries is a promising market due to the high demand in innovative and effective medical solutions and medicines, a set of government measures aimed at developing the pharmaceutical industry in the territory of the EAEU, health system reform to increase access to modern medical technologies and drugs. In recent years, the EAEU member countries have made a significant progress in the development of the pharmaceutical industry due to the implementation of numerous programs in the EAEU states. For example, in the Russian Federation due to program «PHARMA 2020» production competencies and facilities covering a wide range of medicinal products has been developed. The international pharmaceutical industry made a major contribution to the implementation of this program, invested more than 5 billion euro in this sector, and contributed more than 30 billion in country economy. Currently the program «PHARMA 2030» is being developed. It has the aim of the R&D sector development, export orientation, research competencies. An additional impetus to the development of the regional market as a whole and its national segments is provided by the creation of a single market for EAEU medicines, harmonized with international standards, including ICH and EU, and currently being implemented by member states.
Representatives of industrial associations, pharmaceutical manufactures, developers, regulatory authorities, other stakeholders concerned and representative of the Eurasian Economic Commission (TBC) participate in the session.
Innovations in agriculture and the agro-industrial sector
Achieving sustainable development in the agricultural sector is possible with the assimilation of modern information and communication technologies. The ways in which the sector has embraced digitalization, its transition to the model of land economies 4.0, and, finally, an assimilation of the sectors latest achievements will be discussed by the speakers during this session.
Innovation technologies as a vector of sustainable social and economic development
Technological developments in a variety of areas digitalization, fintech in the banking sector, pharmacology, cybersecurity, etc. are leading to revolutionary changes in the economy and everyday life. The assimilation of such innovations is becoming a necessity, but also creates new risks.
Connecting Europe and Asia - Challenges and Opportunities for Europe
The past five years have witnessed serious steps towards more integration, connectivity and economic cooperation both within, as well as in between regions of the Eurasian continent.
In 2013 Chinas head of state Xi Jinping announced the revival in the 21st century of the ancient Silk Roads under Beijings epochal «Belt and Road» Initiative (BRI).
A year later, the leaders of Belarus, Kazakhstan and Russia signed a treaty on the creation of the Eurasian Economic Union (EAEU), the first truly supranational organization in the post-Soviet space after the fall of the Soviet Union. After the accession of Armenia and Kyrgyzstan it is now second only to the EU in terms of integration depth. Over 50 countries from all over the world have voiced their interest in signing trade deals with the new union.
In 2016 Vladimir Putin and Nursultan Nazarbayev co-proposed a more extensive «Greater Eurasian Partnership» involving the EAEU, the CIS countries, China, India, Iran, and other interested countries and associations of the continent. Since then, the EAEU has been working on the creation of a network of free trade areas in the wider Eurasian space. The Eurasian Economic Commission (EEC) negotiated free trade areas with Vietnam and Iran (interim). More are planned with Singapore, India, South Korea, Cambodia and Serbia. As part of its conjunction with the Belt&Road Initiative, the EAEU signed a trade and economic cooperation agreement with China in May 2018.
At the same time, Brusselss actions in wider Eurasia seemed less coherent, picking up pace only this year, when significant trade deals were finalized with Vietnam and signed with Japan and Singapore. Then, in September the European External Action Service (EEAS) finally presented a joint communiqué on the EUs strategy for «Connecting Europe and Asia».
India is also interested in playing an important part in the emerging «Eurasian concert». As a major connectivity project it proposes the implementation of the international «North South Transport Corridor» (NSTC). However, New Delhi, it seems, still has no clear cut vision for its engagement in the wider Eurasian continent.
In view of this, the participants of the panel session will discuss the EUs strategy in Eurasia, as well as the challenges and opportunities that more integration, connectivity and economic cooperation in the wider Eurasian space could pose for Europe, in particular with such projects as the Eurasian Economic Union, the Belt and Road Initiative and the North South Transport Corridor.
The results and recommendations of the panel discussion will be published in a short policy paper.