A socially oriented non-financial development institution and a major organizer of nationwide and international conventions; exhibitions; and business, public, youth, sporting, and cultural events.

The Roscongress Foundation is a socially oriented non-financial development institution and a major organizer of nationwide and international conventions; exhibitions; and business, public, youth, sporting, and cultural events. It was established in pursuance of a decision by the President of the Russian Federation.

The Foundation was established in 2007 with the aim of facilitating the development of Russia’s economic potential, promoting its national interests, and strengthening the country’s image. One of the roles of the Foundation is to comprehensively evaluate, analyse, and cover issues on the Russian and global economic agendas. It also offers administrative services, provides promotional support for business projects and attracting investment, helps foster social entrepreneurship and charitable initiatives.

Each year, the Foundation’s events draw participants from 208 countries and territories, with more than 15,000 media representatives working on-site at Roscongress’ various venues. The Foundation benefits from analytical and professional expertise provided by 5,000 people working in Russia and abroad.

The Foundation works alongside various UN departments and other international organizations, and is building multi-format cooperation with 166 economic partners, including industrialists’ and entrepreneurs’ unions, financial, trade, and business associations from 76 countries worldwide, and 154 Russian public organizations, federal and legislative agencies, and federal subjects.

The Roscongress Foundation has Telegram channels in Russian t.me/Roscongress, English – t.me/RoscongressDirect, and Spanish t.me/RoscongressEsp. Official website and Information and Analytical System of the Roscongress Foundation: roscongress.org.

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Global Economic Significance of Business Events

Having analyzed existing studies on business events impacts in 15 countries, the Oxford Economics research center developed an econometric model of the relationship between economic data sets and business events industry impacts. Using this model, the experts estimated business events activity in countries where the business events industry had not been previously quantified, and then combined the results of existing studies and modeled relationships to prepare global estimates.

The authors identify three main components of economic impact of business events:

  • direct impacts consist of the direct spending and jobs that are involved in planning and producing business events, and for participants to travel to business events, as well as other business events-related spending;
  • indirect impacts represent downstream supplier industry impacts, also referred to as supply chain impacts: for example, the money paid to specialized service providers, such as marketing, cleaning, technology support, accounting, and legal and financial services.
  • induced impacts occur as employees spend their wages and salaries in the broader economy, for example, as hotel employees spend money on rent, transportation, food and beverages, and entertainment.

The study shows that in 2017, more than 1.5 billion participants attended business events, generating more than $1.07 trillion in direct spending. The top 50 countries accounted for $1.03 trillion of business events direct spending, representing 96% of the global total. The leading regions are North America and Western Europe.

In the report, economic impacts of business events are expressed in terms of a) economic output, which includes all business sales, b) contribution to GDP (gross domestic product), which is defined as business sales less intermediate inputs, and c) jobs. The findings show that in 2017, business events supported a total global economic impact of: $2.5 trillion of output (represented by business sales; the value for Russia is $17.5 billion), 1.5 trillion of contribution to global GDP ($9.3 billion in Russia), and nearly 26 million jobs (316 thousand in Russia).

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