15th St. Petersburg International Economic Forum Took Place on June 16-18

June 20, 2011

The Forum was attended by 6 heads of states and over 4800 delegates. SPIEF 2011 saw the signing of more than 50 contracts worth over RUB 200 billion.

The main outcome of the St. Petersburg International Economic Forum (SPIEF) was the policy aimed at reducing the role of state in economy and providing new preferences to investors, which was announced by Russian President Dmitry Medvedev. Accelerating privatization and lower rate of compulsory insurance fund payments are to promote this process.

The President highlighted the achievements of modernization, but warned against being satisfied with moderate economic growth which might ultimately lead to another stagnation. In order to improve its investment attractiveness the Russian Federation should show investors new prospects and opportunities – from growing consumer demand to dozens of infrastructure projects, said Medvedev.

Among specific measures aimed at supporting investors President Medvedev named abolishing many of the restrictions on placement and circulation of Russian securities abroad and offering the chance for all investors and entrepreneurs with substantial business in Russia to obtain long-term visas, and this includes people taking part in the Skolkovo innovation centre projects and the Moscow international financial centre.

Summing up the results of the Forum, Minister for Economic Development of the Russian Federation Elvira Nabiullina said that more than 50 agreements worth over RUB 200 billion (about $7 billion) were signed in the framework of SPIEF 2011 compared to EUR 5 billion in 2010.

Full transcript of Dmitry Medvedev’s speech at the Forum is published on the President’s website

Source: RIA Novosti.