SPIEF at the Boao Forum: "New Approaches in the Russian Economy: Localization and Innovations"

BOAO, China, March 23, 2016 /PRNewswire/ --

On March 23, 2016 the St. Petersburg International Economic Form held a panel session entitled "New approaches in the Russian economy: localization and innovations" organized by the Roscongress Foundation jointly with the Boao Forum for Asia, as part of a programme of events abroad.  

The session focused on aspects of the development of bilateral relations between the Russian Federation and the People's Republic of China. China is a leading trade and economic partner for Russia. Trade between the countries from January to September 2015 amounted to USD 50.03756 billion, with Russian exports to China accounting for USD 24.82461 billion, and imports at USD 25.21295 billion. Russia's key exports are mineral fuels, oil and oil products, timber, non-ferrous metals, chemical products and crude ore.^[1]

Arkady Dvorkovich, Deputy Prime Minister of the Russian Federation pointed out that, "In order to be able to compete with foreign products inside Russia, we need to do so outside Russia as well; otherwise this would not be open competition, as our business is constrained by barriers raised on other markets. For example, the cost of some merchandise groups is lower here than in China. Apart from openness and competition, investment and better management are also needed."

During the event, which was attended by government representatives and members of the business and expert communities, issues concerning the development of domestic production were extensively discussed. Participants evaluated business opportunities at a time of digital revolution, and examined new approaches to organizing joint projects. Special attention was given to developing potential for collaborating in Russia and China's innovative and entrepreneurial sectors. The dialogue on bilateral partnership will continue at the 20th St. Petersburg International Economic Forum, which is to be held on June 16-18, 2016.

Commenting on the outcome of the event, Anton Kobyakov, Advisor to the President of the Russian Federation and Executive Secretary of the St. Petersburg Economic Forum Organizing Committee, noted that the event was constructive, having led to a number of agreements on further fostering partnership with the Chinese representatives during Russia's leading economic forums, SPIEF and the EEF. "We expect the Chinese delegation to be widely represented at our country's major economic forums. Our Chinese colleagues are showing a great deal of activity and interest in these events. On our part, we are also aiming for a continued and steady expansion of our bilateral partnership and the progression of Russian-Chinese relations, in light of new market conditions," Kobyakov concluded.

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1. http://www.ved.gov.ru/exportcountries/cn/cn_ru_relations/cn_ru_trade/ (Russian)