This week, Russia is hosting some 20,000 participants from over 170 countries to the 28th edition of the St Petersburg International Economic Forum (SPIEF).
The theme of SPIEF 2025 is: “Shared Values: The Foundation of Growth in a Multipolar World.”
Russia has held SPIEF annually since 1997. It is held under the auspices of the office of the Russian President Vladimir Putin, who has attended every edition of SPIEF. The business mega event is Russia’s flagship programme and crucially, it results in multi-billion dollar deals entered into by participating international businesses with their Russian counterparts. SPIEF is regarded as one of the biggest and most important business masterclasses in the world.
Last year alone, some 21,800 participants from 139 countries took part. A total of 1,073 agreements totaling Russian Rubbles to the tune of 6,492 trillion were signed last year alone. In fact, SPIEF has grown too popular that Roscongress, the organisers, had to agree to a certain degree of online participation by those unable to physically be at the St Petersburg venue
South Africa’s participation at this year’s SPIEF has been led by the Deputy President Paul Mashatile, accompanied by an 8-member ministerial entourage led by Parks Tau, Minister of the Department of Trade, Industry and Commerce.
Business is represented by Elias Monage, President of the Black Business Council.
Attending SPIEF 2025, it is incredible to watch the daily camaraderie and general atmosphere of conviviality among throngs of business gurus and political heavyweights as they shake hands on hundreds of podiums and posing for photographs holding pictures of files depicting sealed deals.
Roscongress Foundation, Russia’s state-owned leading enterprise in charge of events and international partnerships development, explains as follows: “SPIEF offers an unrivalled space for dialogue and forging business ties. It provides an opportunity to find partners with the aim of securing business growth in Russia and abroad.”
Speaking to media during one of the many briefings at SPIEF, Russian Foreign Ministry Spokesperson Maria Zakharova highlighted the growing interest from Latin America and Global South in general to forge tighter business ties with Russia. She elaborated: “They see opened opportunities. The European Business has partially left, and American companies have been blocked from working with Russian partners for years. Now, they see the commercial benefit, the prospects, and the resource base to support these opportunities.”
Furthermore, Zakharova said that the Global South is ready for true independence seeking to diversify partnerships beyond one centre of power. “A new era of equal, mutually beneficial relationships is emerging.”
Also on the sidelines of SPIEF, President Putin met with his Indonesian counterpart Prabowo Subianto. Apart from thrashing out the path for Indonesia to join BRICS, the two leaders signed a declaration on strategic partnership and signed another agreement to create a 2.2 billion dollars Investment Fund effective immediately. Indonesia is one of Russia’s key partners in the Asia-Pacific region. “Indonesia’s inclusion in BRICS,” according to the Kremlin, “will bring significant added value to the group’s development.
All the nine current members of BRICS are present at SPIEF 2025. The Gulf regions are also visible, with their participation rapidly growing with every year. This year, Bahrain has been awarded the status of the “guest of honour” at SPIEF.
With Russia under Western sanctions over the last three years since the outbreak of the war in Ukraine, attention has sharply turned to the Global South bloc, which has steadfastly refused to join the West in their war with Russia.
Also speaking at SPIEF 2025, Indian tycoon Sammy Kotwani, who is also the founder of Imperial Tailoring Company, said the thousands of businesses participating at the conference were largely guided by the same ethos, which is that: “Business is about profits.” He indicated the appetite to lead Indian businesses to invest in one of Russia’s newest regions – Donbass. “If there’s an opportunity,” he said in an interview with Sputnik, “Indian companies should look for where they can make money, whether it’s in Donbass or Kaliningrad.”
Also reporting in the Russian news outlet Sputnik at SPIEF 2025, journalist Ishteak Hamdani reflected over the past years of covering SPIEF, saying: “Year after year, the forum continues to achieve great things. The participation has grown. Countries like Pakistan, Latin America as a whole, Africa and Asia are now fully engaged. It is clear that SPIEF is becoming more crucial for global dialogue and progress.”
SPIEF is undoubtedly serving as a catalyst for Russia to circumvent efforts by the West to isolate Russia. The airports are busy as normal and even tourism aided by visitors from the Global South is booming. The shops are well-stocked with Russian-produced goods, signifying the value and importance of an economy that is largely self-reliant.
During Q&A’s at various press conferences, curiosity over the Russia-West standoff creeps up, and how and when it is likely to be resolved.
Alexander Stuglev, the Chairman of the Board and CEO of SPIEF, said although he was reluctant to delve into political commentary, it was his considered opinion that relations with the West will require extraordinary effort to repair. He said trust deficit has grown beyond measure, and in the meantime, Russians have readjusted their way of life to look away from the West.
The growth of the Russian economy amidst the climate of Western sanctions, demonstrated by stronger Rubble, points to a better life after the West had left.
Russia’s gas pipelines, Nord Stream 1 and 2, which supplied oil and gas to Europe via Germany, had been lying in moribund since the sanctions. In fact, the Ukrainians had bombed Nord Stream 2, although no one has been held accountable so far.
Gazprom, Russia’s state-owned oil and gas company, says Europeans buy Russian oil and gas behind each other’s back. But more openly, the EU member-states are known to buy Russian oil and gas via a third party in the form of India. The EU calls it “Indian oil and gas”, although India is not known to produce such products.
Currently, Russia’s futuristic plans are clear. Moscow is building a new gas and oil pipeline to China. The aim is to completely cut ties with the EU and supply mainly to India and China, the world’s two most populous nations with 1.5 billion people and 1.45 billion people respectively.
SPIEF shows that the international world order is rapidly undergoing a major reconfiguration, with Russia at the centre of the changes through BRICS and growing ties with Asia, Latin America, Africa and the Global South in general.
