St. Petersburg International Economic Forum

What is the issue?

  • The 23rd St. Petersburg International Economic Forum (SPIEF) was recently held in St. Petersburg, Russia.

BACKGROUND

  • The first SPIEF was held in 1997. Now over past two decades, it has become one of leading global platforms for communication between business representatives and discussion of crucial global economic issues.
  • Since 2006 it has been held under auspices and participation for Russian President Vladimir Putin.
  • The SPIEF 2018 edition brought together around 17,000 participants from more than 140 countries.
  • At the event Russia tries to boost its appeal to international businesses and investors.
  • Petersburg International Economic Forum 2019: brought together high-profile politicians, leaders from participating countries, leaders of International organisation, representatives of major international companies and organisations as well as experts from various fields.

Russia’s relation with the U.S.

  • Petersburg International Economic Forum is Russia’s annual investment gathering.
  • The meet took place in the backdrop of heightened tensions between the U.S. and Russia and China.
  • Unsurprisingly, it was boycotted by the U.S. Ambassador to Russia, Jon Huntsman.
  • His absence was ascribed to the prevailing environment in Russia for foreign entrepreneurs.
  • This is particularly in regards with the detention of U.S. private equity investor Michael Calvey on allegations of fraud.
  • Conversely, the Chinese telecommunications equipment manufacturer Huawei signed an agreement with Russia’s principal mobile operator to start 5G networks.
  • This came after Washington blacklisted Huawei, prohibiting it from selling technology to the U.S.
  • The U.S. also barred domestic firms from supplying semiconductors to Beijing.
Location: Thiruvananthapuram, Kerala, India

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