International Economic Forum opens in St. Petersburg

The 22nd St. Petersburg International Economic Forum (SPIEF) started on Thursday. 

Founded in 1997, the SPIEF is a leading international business event and platform for discussing key economic issues in Russia, emerging economies and the world as a whole. 

The key theme of the SPIEF 2018 is "Building a Trust Economy." It unites four major thematic pillars: "The Global Economy in an Era of Change," "Harnessing Russia's Growth Potential," "Human Capital in the Digital Economy" and "Technology for Leadership." 

The key theme is set against the background of the rising protectionism in global trade. Russian Vice Minister of Economic Development Oleg Fomichev said protectionism against the regulations of the World Trade Organization (WTO) is not a good thing.

"Sometimes, protectionist measures can be introduced under WTO regulations, but protectionism which is against WTO regulations is not a good thing," said Fomichev. 

The minister also noted that the Russian economy is under recovery and is forming a new model of growth. 

Being powered by the Belt and Road Initiative and Eurasian Economic Union, cooperation between Russia and China is deepening. Fomichev said the development of the two countries will be fruitful to each other. 

"Chinese development helps develop the Russian economy, because we have great trade, we have mutual investments, we have exchanges of technologies, exchanges of people, good services and so on. So, the development of China and the development of Russia, they can be fruitful to each other," said Fomichev. 

The forum will last until Saturday. The plenary session with the participation of President of the Russian Federation Vladimir Putin, President of France Emmanuel Macron and Prime Minister of Japan Shinzo Abe will be the key event of the forum. High-level business delegations from the United States, France, Japan, India, Italy, Finland and many other countries will also attend the forum.