27th St. Petersburg International Economic Forum starts in Russia

The main theme of the St. Petersburg International Economic Forum (SPIEF 2024), which runs until 8 June, is "The basis of multipolarity – formation of new growth centres". 45 states are represented at a high level. Delegations from all BRICS countries are taking part in the forum.

The SPIEF 2024 business programme consists of four tracks: "The Transition to a Multipolar World Economy", "Goals and Objectives of Russia’s New Economic Cycle", "Technologies for Leadership", "A Healthy Society, Traditional Values and Social Development: The Priority of the State”. The programme includes more than 150 thematic sessions with over 1,000 speakers. 

The event will focus on developing business relations and expanding contacts with trade partners from the CIS countries, the Arab world, India, China, EAEU-ASEAN and Latin America.

At the session "SME Development Trends in Russia and India: Ensuring Sustainable Growth" moderated by Ksenia Komissarova, Editor-in-Chief of TV BRICS International Media Network, experts discussed SME development trends in the two countries and the current challenges of this sector.

"Now is the best time for the development of Indian business in Russia and the relations between the two countries in general. Many prospects are opening up here now for the application of Indian skills and knowledge. Representatives of our country are already actively implementing their projects here. Our pharmaceutical business is developing, and many companies are moving production to Russia. Despite the strict legislation in this country, all the problems faced by business are solvable"

Sammy Kotwani President of the Indian Business Alliance (IBA) in Russia

Purnima Anand, President of the BRICS International Forum, spoke about inter-regional cooperation between Russia and India and the organisation of joint programmes:

"We have programmes to support small and medium-sized businesses in Russia and India. It must be said that this sector is shaping its agenda. Our delegations have more than once visited Russian regions, for example, the Novosibirsk region, Khanty-Mansi Autonomous Okrug, to establish economic ties between the enterprises of the two countries. <...> Now the BRICS task is to support small and medium-sized businesses. In 2019, we held several meetings where we discussed the creation of a BRICS SME Forum in St Petersburg, but so far this initiative is at the discussion stage"

Purnima Anand President of the BRICS International Forum

Satya Punia, President of a Russian pharmaceutical company, in an exclusive commentary to TV BRICS, pointed out in which sectors there is potential for SMEs in Russia and India. 

"Traditionally in the pharma sector at the SME level, there are strong ties between the two nations. I think there is huge potential in the tourism industry. This applies both to Russians travelling to the Asian country and tours for Indians to Russia," he said.

On June 6, the EAEU-ASEAN business dialogue will be held at the venue, where participants will consider new approaches to trade and economic cooperation, as well as trends in the development of relations between business circles of the countries of regional organisations. On the same day, a session entitled "Expansion of BRICS. New Opportunities for Business Cooperation" will be held to find out whether promising transport corridors will become a pillar of the BRICS economy and how cooperation between the BRICS countries will develop in the digital economy. 

The role of the BRICS countries in ensuring global food security will be discussed at the relevant session. On 7 June, experts will consider what financial and resource support practices are used by the international and Russian business community today during the discussion "The Beginning of the Future. How Foundations Can Work Together to Make BRICS Stronger". On the same day, Russian President Vladimir Putin will speak at one of the forum's key events, the plenary session.

SPIEF has been held annually since 1997. During this time, the event has become one of the world's leading platforms for business circles to communicate and discuss key economic issues facing emerging markets, Russia and the world as a whole. In 2024, the forum was attended by representatives of 136 countries. Oman received the honourable status of a guest country. The presidents of Bolivia, Zimbabwe and other countries are expected to take part in the forum's events.