SPIEF 2023: World's Prominent Business Event Gears up to Strike New Deals
SPIEF 2023: World's Prominent Business Event Gears up to Strike New Deals
Sputnik India
The 26th St. Petersburg International Economic Forum (SPIEF), regarded as one of the most significant worldwide business events, kicks off in the Northern capital of Russia on Wednesday.
2023-06-14T07:30+0530
2023-06-14T07:30+0530
2023-06-15T12:17+0530
st. petersburg international economic forum (spief)
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Under the auspices of the Russian President, the forum has been held annually since 2005, with the head of state attending each gathering.
The 26th St. Petersburg International Economic Forum (SPIEF), regarded as one of the most significant worldwide business events, kicks off in the Northern capital of Russia on Wednesday.
The forum's remarkable reputation, established over the past quarter-century, has made it an essential gathering for addressing global economic concerns. A primary objective of the forum is to enable participants to share their expertise and best practices in promoting sustainable development.
The Impact of SPIEF on the Global Economy
The forum provides a platform for discussions on various economic, social, and environmental issues:
Economic Growth and Development
Environmental Sustainability and Climate Change
Technological Innovations and the Digital Economy
Fostering Investment Opportunities
Through the exchange of ideas and best practices, the event helps shape economic policies and contributes to international cooperation.
In 2021, SPIEF was the first large-scale business event to be held in person since COVID-19 forced a pause in such gatherings. This milestone demonstrated the forum's resilience and adaptability in the face of global challenges.
Sri Lanka and Russia's Rosatom agree on construction of NPP, Sri Lankan Ambassador tells Sputnik at SPIEF 2023
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At #SPIEF2023, #Cheburashka, the beloved Soviet-era cartoon character, made an appearance at the #Russian pavilion. Visitors had the opportunity to take pictures with the iconic figure, who has been a cherished character in #Russia for decades.
Key Points on Indo-Russian Partnership From 1st day of SPIEF 2023:
Bilateral trade turnover surged 2.5 times last year, surpassed longtime target of $30 billion; on its way to $50 billion in 2023;
More & more Indian companies are entering Russian market in pharmaceutical, IT, & infrastructure industries;
India & Russia have strong “complementarities” for greater trade & investment;
While Russia is looking for new suppliers of machinery, chemicals, & industrial components, India is looking to become a manufacturing hub & find new markets for its goods (it's a match!).
What are the challenges and how to overcome the obstacles?
Logistics: New trade routes, such as International North South Transport Corridor, help lower shipping times and costs;
Financial: Russian companies are opening accounts in Indian commercial banks, and digital technologies, such as blockchain, could help ease cross-border payments;
Lack of awareness: Many Indian companies are not aware about business opportunities in Russia, the same is true for Russian companies and India. This is why it is necessary to strengthen dialogue between Russian and Indian businesses.
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