In the context of the ongoing economic crisis, which is increasingly felt by the population of Western countries, the issue of establishing ties in the inevitable new reality is becoming of paramount importance.
And the new reality dictates the need to pay close attention to emerging markets, which have a number of advantages for economic entities. This means less competition, especially when it comes to high-tech products, and greater potential profits, and, as a result, an opportunity to give a new impetus to your business.
Against the backdrop of rising inflation and key rates in Europe and the US, investments in the traditional «safe havens» of the global economy cannot turn into high returns. Yes, Western economists and experts from rating agencies have recently been actively introducing into the mass consciousness the idea that in the current conditions it is better to invest in “time-tested securities”, meaning, of course, US and Western European companies. At the same time, they actively recall the situation in Sri Lanka (which defaulted on its sovereign debt last year), the recent difficulties in Bangladesh and Pakistan.
However, the whole world remembers the events of 2008 and previous years very well, when the same experts from the same rating agencies, banks and investment companies loudly repeated that «the American real estate market is a rock that is not threatened by anything.» Everyone remembers the result: in the USA alone, 8 million people lost their jobs, 6 million lost their homes, several trillion dollars of household savings, including pension savings, “evaporated”.
In business, only the one who looks forward and takes a step in the right direction before others wins. Emerging markets are becoming this direction today. Indeed, according to World Bank analytics, GDP growth in East Asia and the Pacific region this year will be 5.2%, Central Asia — about 3%, the Middle East and North Africa — about 4%, South Asia — up to 7%. Not much, but against the backdrop of the United States with a forecast GDP growth of one percent and Western Europe with approximately the same indicator, emerging markets are becoming more and more attractive, and other venues are replacing the economic forum in Davos. One of them in Russia is the St. Petersburg Economic Forum, which this year will be held from 14 to 17 June.
Despite the difficult foreign policy situation and attempts to isolate Russia, in 2022 the forum brought together 14,000 people from 131 countries of the world. Last year, 691 agreements worth a record $69 billion were signed within the framework of the forum. At the same time, the amount of contracts concluded at the forum has almost quadrupled in five years. Moreover, an increasing share of contracts annually falls on the countries of the Asia-Pacific region, the countries of the Middle East and Africa, which continue to increase the pace of economic cooperation with Russia.
“The forum is also an example for the entire international community in putting forward initiatives that contribute to creating favorable conditions for regional and global economic growth, investment and the development of effective solutions to common economic problems,” Emir of Qatar Tamim bin Hamad said at the 2021 SPIEF plenary meeting Al Thani.
“The forum in St. Petersburg is a kind of geopolitical and geo-economic resonator for the whole of Eurasia – a strategically important region that is constantly developing and is at the epicenter of major transformations in the modern world,” Brazilian President Jair Bolsonaro echoed the Emir in the same year.
And in the past few years, Xi Jinping, Narendra Modi, Antonio Getteresh, Abdelfattah Sisi and dozens of other world leaders have attended the forum.
The theme of this year’s forum is “Sovereign Development is the Foundation of a Just World. Let’s join forces for the sake of future generations.» It certainly resonates with representatives not only of developing economies, but also of Western countries, who have a sensible view of things, and do not go along with political decisions that play the role of a noose for the economy.
The Russian economy has been under the most severe sanctions for a long time, a number of serious players left it, but it has not only withstood the pressure, but continues to develop. What is this? Every savvy businessman and investor knows that this is an opportunity that if you miss it today, tomorrow you will have to compete with those who looked one step ahead.
Participants of the St. Petersburg International Economic Forum (SPIEF-2023), taking place in St. Petersburg from June 14 to 17, will discuss the topic of sovereign development as the basis of a just world. This issue is the main theme of the forum, the Roscongress Foundation said in a statement. “The architecture of the business program of the St. Petersburg International Economic Forum, which will be held in St. Petersburg on June 14-17, 2023, has been published. The main theme of the forum is «Sovereign development is the foundation of a simple world.» Let us join our efforts for the benefit of future generations.”
sequel follows
Der Friedensstifter 