Discussions Started at YIEF 2018 to Be Translated into Action at SPIEF

Discussions Started at YIEF 2018 to Be Translated into Action at SPIEF

The 4th Yalta International Economic Forum has finished in the Republic of Crimea. The three-day YIEF hosted about 70 events, including 46 business sections and three plenary sessions: 'Future Through the Eyes of Young People', 'The Future of Russia' and 'The Future of the World'. 

Participants from many countries including Australia, UK, Ireland, Canada, Norway, Poland, USA, France, Czech Republic, Switzerland, Sweden and other discussed prospects for the development of tourism, construction, wine production, creation of free economic zones and advanced development territories.

Some discussions brought up the prospects of cultural, tourist and economic development of Crimea. In particular, the participants emphasized the sustainable growth of the tourist flow, development of hotel and transport infrastructure (construction of roads and the Kerch Strait Bridge). As 2018 marks 180 years of Yalta, the hosting city of YIEF, the discussion on the region's future is one of the top issues on the agenda. The guests had an opportunity to talk to the local authorities about the peninsula development strategy until 2030 as well as the opportunities for the integration of the republic into international trade.

Forum also featured the topics that have recently become an integral part of the modern finance: cryptocurrencies and blockchain technologies, mechanisms for combatting fake news, digital security and online accessibility of financial services.

One of the key events was the foundation of the International Volunteer Movement of the Yalta Economic Forum. The participants agreed on cooperation for developing direct connections and regular interaction of the youth with non-governmental organizations, business community and states in order to exchange experience and information on issues of mutual interest, including those of economic policy.

The permanent Expert Council was formed; it consists of around 30 experts from 20 countries. They provided advice to other participants on a number of topics, including signing of international cooperation agreements.

YIEF saw conclusion of investment agreements for Crimea: creation of the 'Bazar' trade and fair complex, construction of a trade and exhibition centre, creation and development of a modern high-performance agricultural enterprise based on the former military state farm 'Gurzufsky' etc.

Among other signed documents were the Memorandum on interregional cooperation between the province of Latakia and Crimea, and the Memorandum on interaction between the All Russia Public Organization 'Delovaya Rossiya' and the Russian-Syrian Business Council for Development of Bilateral Entrepreneurial Projects.

“The Chambers of Commerce and Industry of Russia, Crimea, and Sevastopol actively support the peninsula’s development as a territory for small businesses. Roughly 90,000 small and medium-sized companies are registered in the region and employ more than 60 percent of the able-bodied population. Last year, investments in small and medium-sized Crimean businesses amounted to RUB 27 billion, or five times more than the previous year”, said Sergei Katyrin, President of the Chamber of Commerce and Industry of the Russian Federation. 

For his part, Russian Union of Industrialists and Entrepreneurs (RSPP) President Alexander Shokhin noted that a meeting of the Coordination Council for RSPP branches in the Southern Federal District was held this year at the 4th Yalta International Economic Forum. The meeting agenda resonated with the issues that were addressed during the YIEF discussions. “Of course, the most important thing for the region is the development of the tourism industry as well as the agribusiness and electricity sectors”, Shokhin said.

The discussion of the key YIEF 2018 topics will be continued at the St. Petersburg International Economic Forum on 24–26 May. 

The Republic of Crimea will be an exhibitor at the SPIEF Investment & Business Expo, where the federal subjects of Russia will present their investment potential and implemented projects to the participants and guests of the Forum, and the companies, in turn, will demonstrate their technologies, products and solutions for the development of the regional business.

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