For the 27th time,MK sport the St. Petersburg International Economic Forum (SPIEF) brought together leaders of major Russian and foreign companies, as well as representatives of government agencies and political and scientific communities in an effort to establish business contacts, find new partners, discuss promising projects and exchange views on current trends in politics and economics on global and regional markets.

The Forum continues to enhance its prestige as one of the most important business events in the world. It is becoming more and more action-oriented and dynamic: Decisions are made quickly and new projects are launched and practical solutions are found based on the results of discussions.

"This year, 21,800 people from 139 countries and territories took part in the forum's events. Such a substantial presence of numerous foreign delegations and business representatives once again confirmed that there can be no talk of any international isolation of Russia. The forum brought together representatives of countries that wish to develop their economies in the paradigm of a fair and multipolar world," said Adviser to the Russian President and Executive Secretary of the SPIEF Organizing Committee Anton Kobyakov.

The theme of SPIEF 2024 confirms the freedom of various world powers to choose their own political and economic direction: "The Formation of New Areas of Growth as the Cornerstone of a Multipolar World."

Record of participants

Despite sanctions, the Forum was attended by a record number of participants in 2024. Guests and participants discussed international trade and cooperation, sales markets, technology leadership and investment issues.

Four state leaders traveled to St. Petersburg for the Forum: President of Bolivia Luis Alberto Arce Catacora; President of Zimbabwe Emmerson Dambudzo Mnangagwa; President of the Republic of Abkhazia Aslan Bzhania; and President of Republika Srpska (Bosnia and Herzegovina) Milorad Dodik.

The Forum's participants also included members of the royal families of the Kingdom of Bahrain and the Kingdom of Saudi Arabia (Abdullah Khalifa Salman Al Khalifa and Abdulaziz bin Salman bin Abdulaziz Al Saud). 

The events were attended by more than 120 high-ranking foreign officials, including heads of international organizations and associations, ministers of foreign affairs, heads of diplomatic missions, and the leaders of foreign cities and regions. The largest delegations came from China - 192 participants, followed by UAE - 105, Zimbabwe - 86, Kazakhstan - 84, India - 80, and Oman - 75.

From the Russian side, the Forum was attended by 40 high-ranking officials, 30 heads of federal services and agencies, and 81 heads of Russia's regions.

Besides, more than 8,300 representatives of Russian and foreign business took part in the forum. Foreign businesses were represented at the Forum by more than 480 companies from 94 countries and territories, while Russian businesses were represented by more than 3,300 companies.

For the first time, the Forum was attended by representatives of key companies and organizations in the diamond (mining) industry from African and South Asian countries.

Leading automotive corporations in China and their Russian divisions were widely represented among the SPIEF 2024 participants.

The unprecedented interest in the Forum on the part of domestic and foreign media outlets is evidenced by the number of journalists who covered the Forum events - more than 4,216 people from 34 countries.

Guest country

This year, the Sultanate of Oman received the honorary status of the SPIEF guest country. The country's delegation was headed by Minister of Industry, Trade, and Investment Promotion Qais bin Mohammed Al Youssef. Oman took part in the Forum with the aim of exploring opportunities for joint projects in promising areas of interstate cooperation: industry, energy, tourism, science and technology, logistics, and food security. The National Pavilion of the Sultanate of Oman, along with is jam-packed business program, gave participants the unique opportunity to establish direct contacts with Omani companies and government officials and learn more about the country's trade and investment potential. Members of the Omani delegation confirmed their desire to "cooperate with Russian enterprises and see more tourists in their country."

Agreements signed

The Forum resulted in the signing of 1,073 agreements for a total of RUB 6.492 trillion ($72.9 billion), only including agreements whose amount does not constitute a commercial secret, including 55 with representatives of foreign companies.

Below is a recap of the most significant agreements:

• VEB.RF and RusHydro signed a cooperation agreement to implement thermal generation modernization projects in the Far East. An estimated RUB 650 billion were raised from VEB.RF and its partner banks. A major program to build and renovate energy infrastructure in the Far East will be implemented using the Project Financing Factory mechanism with financing for a total of six projects: the expansion of the Partizanskaya State District Power Plant, the construction of the second stage of the Neryungrinskaya State District Power Plant, the reconstruction of the Vladivostok Combined Heat and Power Plant-2, as well as the construction of the Artyomovskaya Combined Heat and Power Plant-2, the Khabarovsk Combined Heat and Power Plant-4, and the Yakutskaya State District Power Plant-2 (second stage). The new and modernized energy facilities will have total electrical capacity of 2.1 GW and thermal capacity of more than 2,500 Gcal/h.

• The Tomsk Region and SIBAGRO signed a cooperation agreement. Investment in the project, which will create 10,000 new jobs, will amount to RUB 500 billion over 10 years. The agreement aims to implement the Eleanor Emerald Smart City investment project, which involves the construction of a new modern area that has all the necessary engineering and social infrastructure. The project will use advanced technologies, take into account environmental aspects, and use innovative approaches to creating a comfortable environment for people. Residential, commercial, educational, sports, cultural, and other facilities are to be built in the new area. The agreement signed at SPIEF 2024 envisages cooperation in planning, financing, construction, and project management. The parties to the agreement noted at the signing that Eleanor Emerald Smart City will become a major project for the region.

• The City of Moscow signed an agreement on the reorganization of the site of the former Southern Port industrial zone with the site's owner, Aeon Development. Investment in the reorganization of the site will amount to almost RUB 360 billion. The city concluded an agreement with the investor on the comprehensive development of the 39.7-hectare site. Within 17 years, a modern neighbourhood will appear on part of the former Southern Port industrial zone, where roughly 1.5 million square meters of various real estate will be built. The project will result in the creation of almost 9,300 jobs in the Pechatniki District.

• The Kursk Region and Metalloinvest concluded a cooperation agreement on the construction of a factory that will process oxidized ferruginous quartzite at the Andrey Varichev Mikhailovsky Mining and Processing Plant. Metalloinvest plans to invest more than RUB 210 billion in the project. If implemented, the project will create jobs for at least 900 skilled professionals in Zheleznogorsk. The new facility is scheduled to open in 2028. The plant has design capacity of more than 7 million tons of premium quality iron ore concentrate per year with the ability to further increase capacity to 11 million tons.

• The Kemerovo Region-Kuzbass and Azot signed an agreement to launch the production of granulated urea and ammonia in the Kuzbass Industrial Special Economic Zone in 2032 with total investment of RUB 200 billion.