Conceptually, the idea of holding an international economic forum every year is unique to explore and navigate available potential opportunities generally for development and specifically for investment and trade. Established several years ago, the St. Petersburg International Economic Forum (SPIEF) has earned its unique achievements through organisational strategy and consistent approach toward this serious gathering. The platform provides a unique opportunity for politicians, investors and corporate business executives as well as the young generation to network, ask questions and get better acquainted with the changing trends.

At the formative stage, SPIEF's focus was largely on the United States and Europe but that has changed due to the 'special military operation' in Ukraine, sudden geopolitical shifts, and the urge to move away from the Global North to the Global South.

According to the President of the Russian Federation, Vladimir Putin, time has arrived to make the necessary departure away from United states and Europe, and open constructive dialogue and interaction with friendly partners  based on the principles of true equality, the consideration of each other's legitimate interests, and respect for the cultural and civilizational diversity of states and peoples.

Putin observes that it is not only essential to maintain a stable trajectory of qualitative growth, but also to capitalize on emerging opportunities, effectively develop the competitive advantages, and boost potential in the fields of science and technology within the context of multipolar conditions.

Putin's position overwhelmingly reflects the shift away from post-Soviet dream of becoming part of prestigious Europe. The only alternative left for Russia is to become an indivisible part of Asia, an integral constituent of the Global South. Russia has invited Asian and African countries under the tagline: ‘The Foundation of New Areas of Growth as the Cornerstone of a Multipolar World’ at the 27th gathering June 6 to 8 in St. Petersburg, the second largest city in the Russian Federation.

In accordance with Russia's BRICS chairmanship, much of the business programmes are devoted to issues related to long-term cooperation in spheres such as the financial and banking sectors, investment and trade, development of high technologies and pharmaceutical industry between BRICS members. China and India, United Arab Emirates and Iran are prominent on the agenda. Ethiopia, Egypt and South Africa have their own individual positions and expectations from SPIEF.

Currently, due to global rivalries combined with political and economic tensions, Russia faces new ambitious tasks, including perceptions over the development of 'public-private partnership' as the macroeconomic situation remains the practical key mechanism of interaction between the state and business. Here, Russia is relatively lost in standard practice of private businesses. Corporate businesses are still centrally-controlled under the ministries and in the Kremlin. 'Public-private partnership' for now is just a daily business slogan and a theory being frequently chuckled in the Russian Federation.

The biggest obstacle is related to the analysis of legal rules and regulations, Russia's relations with the Global South and its conditions for advancing and attracting investments and promoting trade between Russia and potential countries in Asia-Pacific and Africa.

"Stability and justice in a multipolar world are only possible if new centres of influence emerge, capable of offering their own view on world problems and participating in the formation of a new world order. The development of new points of growth requires the active participation of different countries and regions that are ready to take responsibility for their future. The St. Petersburg International Economic Forum creates opportunities for discussions at the highest level, scaling ideas, solutions and initiatives to all spheres of social life and activities of the countries participating in its work," says Anton Kobyakov, Adviser to the President of the Russian Federation, Executive Secretary of the SPIEF Organizing Committee.

According to Anton Kobyakov, about "6,000 people from more than 110 countries and territories have already confirmed their intention to participate in the forum. The international cooperation that occurs at SPIEF plays a key role in the development of mutually beneficial relations between countries and organizations. Participants share their experience and make new connections. This builds trust between nations, expands markets, attracts investment, and creates a more favourable international economic environment. SPIEF is a platform for structured, focused dialogue between global business participants and government officials who contribute to the development of effective international cooperation."

The programme consists of four (4) thematic tracks: “The Transition to a Multipolar World Economy”, “Goals and Objectives of Russia's New Economic Cycle”, “Technologies for Leadership”, “A Healthy Society, Traditional Values and Social Development: The Priority of the State”. Roscongress Foundation, the organizer, has listed international track which includes more than 10 business dialogues: EAEU–ASEAN, Russia–Africa, Russia–Latin America, Russia–China, Russia– South Africa, and other bilateral meetings.

More than 6,000 representatives of Russian and foreign businesses from over 3,000 companies located in 75 countries and territories took part in SPIEF 2023. More than 900 agreements worth a total of RUB 3,860 billion were signed (including 43 agreements with representatives of foreign companies, among them two with Italy and Spain.

That compared with above, the SPIEF 2021 saw an unprecedented 890 agreements signed, eclipsing 2019's 745 agreements worth a total of RUB 3.271 trillion. In addition, more than 150 international agreements were signed. That year, the total value of signed agreements not classed as confidential exceeded RUB 4.2666 trillion. Before Covid-19 was declared as pandemic in December, the SPIEF 2019 recorded 745 agreements signed totalling 3.271 trillion roubles.

The main theme of this year's forum is “The Formation of New Areas of Growth as the Cornerstone of a Multipolar World” and the SPIEF 2024, as always, the business programme includes panel discussions, round tables, public talks, and speeches. The St. Petersburg International Economic Forum will be held on 5–8 June at the ExpoForum Convention and Exhibition Centre.

By Kestér Kenn Klomegâh

The author frequently writes on Russia, Africa and the BRICS.