International Economic Forum Meet in Russia

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The St. Petersburg International Economic Forum (SPIEF) is an annual Russian business event for the economic sector, which has been held in St. Petersburg since 1997, and under the auspices of the Russian President since 2005.

The key purpose of the Forum is to provide a practical tool for business, helping to overcome the barriers, both geographical and informational, dividing Russia and other countries.

The 21st International Economic Forum was held at St. Petersburg on June 1–3, 2017. Indian Prime Minister Narendra Modi attended the Forum as the Guest of Honour, and also addressed the Forum. This was the first time that an Indian Prime Minister had attended the Forum.

President of Moldova Igor Dodon and the Chancellor of Austria Christian Kern also attended the meet.

Indian Prime Minister Narendra Modi addressed the Plenary Session of the St. Petersburg International Economic Forum (SPIEF). The theme of the Plenary was – “Achieving a New Balance on the Global Stage.”

Highlights of PM Speech:

The Prime Minister said that the world is no longer bipolar as it was a few decades ago. He said that when we discuss global relations, we must understand that the whole world is interconnected and interdependent.

Reiterating that relations between India and Russia are strong, the Prime Minister said that the whole world will read the St. Petersburg Declaration carefully, to understand this relationship, and see how we move forward.

With China, the Prime Minister said that though there is a border dispute, not a single shot has been fired across the border in the last forty years. Economic relations are expanding, the Prime Minister said. He said that the relationship between any two countries, should not be seen from the prism of a third.

He said that in BRICS, all member countries are working together. In this context, he mentioned the BRICS Bank as an example. India believes in the credo of Sabka Saath, Sabka Vikas, the Prime Minister said, adding that we wish to take everyone together on the path to development.

The Prime Minister said that the need of the hour is for all humanitarian forces to unite to save the world against terrorism.

The Prime Minister said that India believes in an open economy. He said that in global trade, all countries make adjustments for each other, and should help each other.

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