St. Petersburg forum brings leaders together to discuss the global economy

A glance at the program of the 2011 St. Petersburg International Economic Forum gives a snapshot of how far Russia has come since 1997.

In those early days, when Russia was preoccupied with the economic turbulence of the late 1990s, few would have predicted that ‘positioning Moscow as a financial center’ and ‘expanding technological horizons’ would be high on the agenda at SPIEF’s fifteenth anniversary.

In parallel to the progress Russia has made over the past decade and a half, SPIEF has become a firm fixture of businessmen’s calendars the world over. It is perhaps reflective of the event’s international status that President Dmitry Medvedev will open this year’s edition alongside Chinese President Hu Jintao, with a speech on “Emerging Leadership for a New Era.” Similarly, when President Medvedev meets other national leaders bilaterally throughout the event, the challenges of global development will be in sharp focus.

At the business level, leaders from some of the world’s largest banks, energy companies and manufacturers will join panel discussions on issues ranging from Russia’s business environment to cloud computing. With executives from such multinationals as Microsoft, Cisco, Nokia, Google and Nestle taking part, there will be a wealth of experience and perspectives feeding into the debate.

Likewise, there is much to discuss. In the Internet sphere, for example, Russia has launched a number of initiatives in recent years to help more Russians gain access to the Internet and, through such programs as Zakonoproekt2011.ru, to better involve citizens in governance online. Indeed, President Medvedev spearheaded the discussion of Internet regulation at the G8 Summit in May, presenting some of Russia’s initiatives to the gathering of global leaders.

Naturally, the President’s modernization project is another issue that pervades the forum’s agenda, with a particular focus on how to build Russia’s ‘creative capital.’ An educated workforce and reputation for scientific excellence has long marked Russia out as a leader in research and development. Flagship projects to foster innovation such as the Skolkovo Innograd underline the government’s commitment to realizing Russia’s potential in this field.

But for both Russia to achieve its goals and foreign participants at the St. Petersburg forum to share in this success, the investment climate is of paramount importance. Another talking point at this year’s forum will be the launch of a direct investment fund, with a $10 billion government stake, to boost investment across a number of sectors. In offering to share the burden and the risks of investment, the government can send no clearer signal to foreign investors that Russia’s investment climate is improving.

So as 5000 people from over 70 countries gather at the St. Petersburg forum this week, there should be cause for much optimism. Not only is Russia increasingly open to investment and committed to self-improvement, but it is also firmly set on a path to modernization. Similarly, never has SPIEF been more internationally relevant and thematically wide-reaching. All the more reason, then, for ModernRussia.com readers to join the debate!

Arkady Dvorkovich is the aide to the president of Russia.