The St. Petersburg International Economic Forum, in its 27th edition, has once again brought together leaders of the largest Russian and foreign companies, representatives of governmental structures, political and scientific communities to establish business contacts, find new partners, discuss prospective projects, and exchange views on current trends in global and regional politics and economics.
The prestige of the forum, as one of the most significant business events in the world, continues to steadily grow. The forum is becoming increasingly practical and dynamic: decisions are made promptly, discussions result in the real launch of new projects, and practical solutions are formulated.
Anton Kobyakov, Advisor to the President of the Russian Federation and Executive Secretary of the SPIEF Organizing Committee, noted: "This year, 21,800 participants from 139 countries and territories took part in the Forum events. Such a significant presence of numerous foreign delegations and business representatives once again confirmed that there is no question of Russia facing international isolation. The Forum gathered representatives of countries who aim to develop their economies within the framework of a fair and multipolar world paradigm."
The slogan of SPIEF 2024 — The foundation of a multipolar world is the formation of new points of growth — reaffirms the freedom of choice in the political and economic orientations of various global powers.
PARTICIPANTS
Despite sanctions, in 2024 the Forum attracted a record number of participants, surpassing similar figures from previous years. Guests and participants of the event gathered to discuss international trade and cooperation, market opportunities, technological leadership, and investments.
Leaders from four countries came to St. Petersburg: President Luis Alberto Arce Catacora of Bolivia, President Emmerson Dambudzo Mnangagwa of Zimbabwe, President Aslan Bzhania of the Republic of Abkhazia, and President Milorad Dodik of the Republic of Serbia (Bosnia and Herzegovina).
The forum was attended by members of the royal families of the Kingdom of Bahrain and the Kingdom of Saudi Arabia (Abdulla Khalifa Salman Al Khalifa and Abdulaziz bin Salman bin Abdulaziz Al Saud).
Over 120 high-ranking foreign officials participated in the events, including leaders of international organizations and associations, foreign ministers, heads of diplomatic missions, and leaders of foreign cities and regions. The largest delegations came from China with 192 participants, the UAE with 105, Zimbabwe with 86, Kazakhstan with 84, India with 80, and Oman with 75.
From the Russian side, the Forum was attended by 40 high-ranking officials, 30 heads of federal services and agencies, and 81 leaders of the constituent entities of the Russian Federation.
More than 8,300 representatives from Russian and foreign businesses participated in the forum. Foreign business was represented at the forum by over 480 companies from 94 countries and territories, while Russian business was represented by more than 3,300 companies.
For the first time, representatives of key companies and organizations from the diamond (mining) industry of African and South Asian countries participated in the forum.
Among the participants of SPIEF 2024 were leading Chinese automotive corporations and their Russian subsidiaries.
The unprecedented interest from domestic and international media was evident by the number of journalists covering the forum's events—over 4,216 journalists from 34 countries.
GUEST COUNTRY
This year, the honorary status of the guest country belonged to the Sultanate of Oman, whose representative delegation was led by the Minister of Industry, Trade, and Investment Promotion, Kais bin Mohammed al-Yousef. Oman participated in the forum under the slogan of exploring opportunities for joint projects in promising areas of intergovernmental cooperation: industry, energy, tourism, science and technology, logistics, and food security. The national pavilion of the Sultanate and the comprehensive business program involving Omani partners provided a unique opportunity for forum participants to establish direct contacts with Omani companies and government representatives, and to thoroughly explore the country's trade and investment potential. Members of the impressive Omani delegation—comprising businessmen, diplomats, and officials—expressed their commitment to "collaborate with Russian enterprises and attract more tourists to their country."
AGREEMENTS
Following the forum's activities, a total of 1,073 agreements were signed amounting to 6.492 trillion Russian rubles (including agreements where the amounts are not considered commercial secrets), with 55 agreements involving representatives of foreign companies.
The largest of them are:
• VEB.RF and RusHydro PJSC have signed an agreement of collaboration on projects for the modernization of thermal generation in the Russian Far East. The total amount of funds raised from VEB.RF and partner banks is estimated at 650 billion rubles. A large-scale program aimed at creating and upgrading energy infrastructure in the Russian Far East will be implemented using the Project Finance Factory mechanism: in total, six projects will be financed, including the expansion of the Partizanskaya TPP, construction of the second phase of the Neryungrinskaya TPP, reconstruction of the Vladivostok TPP-2, as well as the construction of the Artemovskaya TPP-2, Khabarovsk TPP-4, and the Yakutskaya TPP-2 (2nd phase). The total electrical capacity of the new and upgraded energy facilities will be 2.1 GW, with a thermal capacity exceeding 2,500 Gcal/h;
• The Tomsk Region and Sibagro JSC have signed a cooperation agreement. Investments in the project, which will create 10,000 new jobs, will amount to 500 billion rubles over a period of 10 years. The document is aimed at implementing the investment project "Eleonor Emerald Smart City," which involves the construction of a new modern district equipped with all necessary engineering and social infrastructure. The project will incorporate advanced technologies, consider environmental aspects, and utilize innovative approaches to create a comfortable environment for city residents. The new district is planned to include the construction of residential, commercial, educational, sports, cultural, and other facilities. The agreement signed at SPIEF 2024 involves cooperation in planning, financing, construction, and project management. The participants of the agreement noted during the signing that Eleonor Emerald Smart City will become a significant project for the region;
• Moscow has signed an agreement with the owner of the former industrial area "South Port", Aeon Development, for its reorganization. Investments in the reorganization of the site will amount to almost 360 billion rubles. The city has entered into an agreement with the investor for a comprehensive development of a 39.7-hectare site. Over the course of 17 years, a modern urban quarter will be developed on part of the former industrial area "South Port" encompassing approximately 1.5 million square meters of various real estate. The project will create nearly 9,300 jobs in Pechatniki district;
• En+ Group and the Irkutsk Region have signed an agreement that solidifies the plans of En+ to construct new generating facilities in the region. According to the document, the company intends to build three new power units with a total capacity of up to 690 MW, with a total investment volume of up to 331 billion rubles. The new facilities are needed to cover the deficit in power capacity and energy in the southeastern part of the Unified Energy System of Siberia;
• The Kursk Region and Metalloinvest have entered into an agreement to collaborate on the construction of a factory for processing oxidized ferruginous quartzites (OFQ) at the Mikhailovsky Mining and Processing Plant named after A.V. Varichev. Metalloinvest intends to invest over 210 billion rubles in the project. If the project is implemented, at least 900 highly qualified jobs will be created in Zheleznogorsk. The new production is scheduled to start in 2028. The planned capacity of the factory is more than 7 million tons of high-quality iron ore concentrate per year, with the potential to further increase capacity to 11 million tons;
• The Kemerovo Region — Kuzbass and Azot have signed an agreement to launch production of granulated urea and ammonia in the territory of the Kuzbass SEZ planned for 2032. The investment volume is projected to be 200 billion rubles;
• PhosAgro plans to invest at least 160 billion rubles in production development in the Murmansk Region by 2033. The investment project includes capital investments by Apatit JSC in the development of the ore and raw material base of the Kirovsk branch. Under the agreement, the company guarantees the preservation of the current employment levels at its enterprises in the Murmansk Region, while regional authorities will consider the possibility of providing government support for the company's investment activities;
• The development group "Samolet" will invest over 101 billion rubles in creating a residential area spanning 650,000 square meters in Rostov-on-Don (specifically along Poymennaya street). The timeframe for the project is 2024–2042. Over the course of 18 years, Samolet Group plans to build 650,000 square meters of residential space. The project will also involve the development of residential, social, and transportation infrastructure;
• Moscow has signed agreements with the investor, Development and Retail Group LLC, part of BMS Development Group, for a comprehensive development of an undeveloped area on Starovolynskaya street. Almost 100 billion rubles will be invested in the redevelopment of the area. Over six years, the company will construct a modern residential quarter on nearly eight hectares of land, along with accompanying business infrastructure. The project will create at least four thousand jobs;
• Promsvyazbank and DOM.RF have signed a memorandum of mutual interest in organizing placements of mortgage bonds totaling up to 100 billion rubles by 2028;
• Promsvyazbank will finance new Element Development projects amounting to over 100 billion rubles. The purpose of the agreement is to increase the scale of cooperation and financing for the construction of residential and commercial real estate;
• VTB will finance Monolitholding, a major regional developer in Krasnoyarsk, with 100 billion rubles for a comprehensive development of land plots in the Oktyabrsky district of the city;
• The Tomsk Region has signed a ten-year cooperation agreement with the Samolet developer to implement projects using the comprehensive territory development mechanism. These large-scale investment projects aim to ensure housing accessibility for all categories of citizens, with a projected investment volume of 97.3 billion rubles in residential buildings, and involve the construction of at least 700,000 square meters of housing;
• Krasnodar Krai and SSK Group have signed an agreement under which SSK Group will invest over 84 billion rubles in the construction of three hotels in Tuapse, Anapa, and Novorossiysk. In Anapa, a hotel complex with several buildings will be built, offering more than 2,500 rooms, spa areas, pools totaling nearly 2,800 square meters, restaurants, a fitness area, and a children's center. In Novorossiysk, a multifunctional complex will be developed, including a hotel with 3,000 rooms, a medical center, a shopping center, a children's club, and restaurants. The hotel complex in Tuapse will include a public and business center and a hotel with 2,500 rooms, along with a private beach and swimming area. A 21.3-hectare plot has been allocated for construction in the Vesna resort settlement of the Tuapse district;
• The government of the Kaliningrad Region has signed an agreement with Volna to create an Aquapolis tourist cluster near the village of Sokolniki in the Zelenograd District, with a total investment of 77 billion rubles;
• The Krasnodar Region and the developer Astrum Group have signed agreements for investments totaling 65 billion rubles in the construction of hotels and an agro-complex: approximately 15 billion rubles will be invested in a four-star resort and health complex "Psebay". It will be located on a 60-hectare area in the mountains and will accommodate around 3,000 guests simultaneously. The resort is scheduled to be built by 2028. An additional 15 billion rubles will be allocated for another project—a four-star hotel complex Chemitokvadzhe in the Lazarevsky district. It will occupy almost 13 hectares of land and will include a hotel with 1,400 rooms and a complex of four villas. The project is also scheduled to be completed by 2028. Astrum will allocate about 33 billion rubles for the development of the year-round hotel complex Alean Family Resort on the Black Sea coast in Golovinka. The new hotel with 2,500 rooms will accommodate 7,300 guests at full capacity. Furthermore, the company will invest 2 billion rubles in an agro-complex in the Lazarevsky district, which is being developed on the basis of the soviet agro-holding "Pobeda".
• The Moscow government and KamAZ PJSC have signed an agreement to establish Russia's first robotic factory for manufacturing medium-tonnage and heavy-duty trucks in Moscow. The total investment will amount to 50.2 billion rubles. For the construction of the plant in 2024–2026, the capital government will allocate a 60-hectare land plot to the investor as part of a large-scale investment project. The area of the production facility will occupy over 200,000 square meters. The project will create 1,400 jobs;
• Atomenergoprom JSC (a subsidiary of Rosatom State Corporation) and VTB have signed a credit agreement for 50 billion rubles. The funding will be used for the development of the Northern Sea Route and nuclear power plant projects;
• Samolet development company plans to invest 50 billion rubles by 2035 in construction within the framework of comprehensive territory development projects in the Zabaykalsky Krai.
• The Moscow government and Rossium Bio have signed an agreement to construct a plant for the manufacture of drugs for orphan, genetic, and oncological diseases in Zelenograd (on the Alabushevo site of the special economic zone "Technopolis Moscow"). The biotechnological complex will be capable of manufacturing medicinal products across 13 INNs, including those based on monoclonal antibodies, antibody conjugates, and gene therapy drugs. Investments in the project implementation will amount to 43.7 b billion ubles. The start of production is scheduled for the first quarter of 2028, with product release anticipated no later than the second quarter of 2028;
• The Omsk Region and the Airports of Regions managing company have signed a Concession Agreement for the creation and operation of infrastructure facilities at Omsk-Fedorovka International Airport to serve international and domestic flights. The agreement is signed for a term of 49 years. The total cost of the airport construction project is over 43 billion rubles;
• The Kemerovo Region — Kuzbass has signed an agreement with SIBAGRO JSC to implement an investment project for the construction of a deep grain processing plant in Kuzbass. The company plans to invest up to 42.5 billion rubles in Kuzbass production and create up to 560 jobs.
• The Kirov Region and T Plus have signed two agreements totaling 42 billion rubles. One agreement pertains to the supply of coal in case of emergency situations, while the second aims to ensure high-quality and reliable heat supply in the region;
• The Moscow Region has signed an agreement with Gormash Global LLC with a total investment volume of 42 billion rubles for the construction of two plants manufacturing mining and tunneling equipment. By 2027, the two plants in Solnechnogorsk city district will be capable of producing over 500 machines annually, including mining dump trucks with a capacity of up to 50 tons, drilling rigs, load-haul-dump machines (up to 20 tons), as well as various auxiliary equipment for mining operations. About 2,000 new jobs are expected.
• The Republic of Crimea has signed memorandums to implement investment projects in Kerch, Yalta, Feodosia, Evpatoria, and the territory of Bakhchisaray district, totaling more than 41.4 billion rubles. In particular, for the construction of the residential complex "City of Ancient Traditions" in the Bakhchisaray district with investments totaling 28 billion rubles. It is expected to be a large residential complex occupying a total area of approximately 50 hectares. The project also includes the construction of a kindergarten and a gymnasium, as well as a mosque, a commercial-office complex, a historical market, and green areas. In Kerch, the investor will construct a residential neighborhood with developed infrastructure, consisting of several multi-story buildings featuring high-quality finishes. The area will be equipped with parking spaces, children's playgrounds, sports facilities, and entertainment zones. The investment amount will be 7.5 billion rubles. In Koktebel, according to the investment project with an investment amount of 500 million rubles, a new residential and recreational complex will be developed. In addition to the construction of apartments, the project includes the development of a modern parking facility and the creation of a green area. Furthermore, under two other memorandums signed in Yalta, there will be an investment project for the construction of a residential complex totaling 1.5 billion rubles, and in Yevpatoria, a multifunctional complex project totaling 3.9 billion rubles will be implemented;
• Gazprombank plans to provide Rusal with financing for up to 10 years totaling up to 40 billion rubles for the implementation of best available technologies at the Krasnoyarsk and Bratsk aluminum plants, as stated in the bank's announcement.
Leaders among the constituent entities of the Russian Federation in terms of the value of concluded agreements:
1. St. Petersburg: 69 agreements totaling 1.227 trillion rubles;
2. Tomsk Region: 10 agreements for 600 billion rubles;
3. Moscow: 19 agreements for 572 billion rubles;
4. Irkutsk Region: 14 agreements for 380 billion rubles;
5. Kemerovo Region — Kuzbass: 16 agreements for 294 billion rubles.
The largest number of agreements by industry:
1. Socio-economic development of regions: 251
2. Industry and construction: 241
3. High technology and telecommunications: 106
4. Education and science: 95
5. Investments and banking activities: 82
6. International and interregional cooperation: 74
7. Transportation and logistics: 50
8. Agriculture: 43
9. Scientific and technical cooperation: 38
10. Medicine and pharmaceuticals: 26
PLENARY SESSION
The key event of the Forum was the plenary session, during which Russian President Vladimir Putin, as well as the heads of foreign states, Bolivia's Luis Alberto Arce Catacora and Zimbabwe's Emmerson Dambudzo Mnangagwa, delivered speeches.
In his speech, Vladimir Putin outlined structural changes that will be actively supported by the government, highlighted achievements of the Russian economy, acknowledged existing challenges both domestically and globally, and expressed views on a wide range of geopolitical issues, including cooperation within the BRICS framework.
The President of the Russian Federation emphasized: "I am confident that in modern conditions and over the long term, the role, influence, and indeed the future of states depend on how effectively they can respond to global challenges, unleash their internal potential, utilize their competitive advantages, mitigate weaknesses, and preserve and strengthen partnerships with other countries."
The leaders of Bolivia and Zimbabwe delivered speeches addressing current international agendas.
BUSINESS PROGRAM
Numerous discussions of the business program took place within four thematic blocks: Russian Economy: Goals and Objectives of a New Cycle; Transition to a Multipolar Model of the World Economy; Technologies for Leadership; and Healthy Society, Traditional Values, and Social Development as State Priorities.
The main trend of this year's program was the theme of national sovereignty in political, economic and cultural terms. Most of the discussions focused on economic priorities; pathways of trade, technological, scientific, and industrial cooperation; financial literacy as a driver of economic development; digital e-commerce; banking services; ensuring global food security in light of economic restrictions imposed by Western countries; and other areas related to the economy.
The first track focused on discussions about technological sovereignty, new vectors of international partnership, digital trade, and preferences for payments in national currencies.
During the second track, approaches to achieving national development goals were discussed, along with key issues related to tourism development, the future of small cities, and infrastructure.
In the third track, discussions covered issues related to digital transformation, biometrics, industrial mining, artificial intelligence, and cybersecurity.
In the fourth track, discussions touched upon health-saving technologies, investments in demographics, workforce potential, and professions of the future. The health of the nation was chosen as one of the priority areas of domestic policy.
For reference:
During the intensive business program, more than 380 events were held across industry-specific and thematic platforms of the Forum. The sessions featured over a thousand speakers, experts, and moderators.
INTERNATIONAL COOPERATION
A significant emphasis in the program was placed on active international cooperation aimed at fostering equal interaction with developing countries.
Russian and foreign guests of the Forum actively participated in events such as the Russia-Africa Conference "Water is More Precious than Gold," the EAEU-ASEAN session, and business dialogues with representatives from Azerbaijan, Brazil, Venezuela, India, Kazakhstan, China, Kyrgyzstan, Oman, South Africa, African and Latin American countries.
The Forum paid special attention to new opportunities for trade and economic cooperation among BRICS countries in light of the planned expansion of the alliance. As noted by experts, participants from BRICS countries already account for more than one-third of the global economy. The forum discussed ways to establish an independent system of international financial operations, promising transport corridors, cooperation in the field of digital economy, and much more.
Individual discussions were dedicated to the prospects of developing business partnership within the Shanghai Cooperation Organization, including in the fields of transport, energy, and green economy.
INDUSTRY AND THEMATIC EVENTS
The SPIEF traditionally included the B20 Forum, the Russian Small and Medium-sized Enterprises Forum, the Drug Safety Forum, the BRICS Creative Business Forum, and the International Youth Economic Forum.
This year, the Forum featured significantly more social platforms and projects, including the "Territory of Innovations."
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