Transcription
The path to a stable future. Ladies and gentlemen, Governor of St. Petersburg Alexander Beglov. Distinguished participants of the forum, ladies, gentlemen, friends, on behalf of St. Petersburg and its inhabitants, welcome to St. Petersburg. Welcome.
332 years ago, the founder of our city, Peter the Great, Peter the First, opened a window into the future for Russia. Right now, St. Petersburg is the leading investment platform for Russia. We create and implement new technologies. Breakthrough technologies that transform the world and improve the qualities of our inhabitants, both the city and the country. Technological sovereignty is also the foundation of sovereignty, as well as the backbone of the nascent multipolar world. We are happy to have guests. We are willing to cooperate. We invite you to become a part of our country, of our city's future. I've got a huge request for you. Please find some time, walk and stroll through the streets of our city. The best cafes, museums, exhibitions, theaters await you. Whereas, June the 5th, this Friday, I invite you to governor's reception, which is going to be held at the courtyard of Capella. It's going to be exquisite cuisine, good music. You'll have a chance to network in an informal setting. And at the Palace Square, there's going to be a concert of the best performers from both Russia and abroad. Welcome to St. Petersburg. I wish you success and new contacts and advantageous contracts. Thank you for your attention.
Welcome everyone. I would like to welcome everyone just briefly and say welcome to this forum. We're hopeful it's going to be held very constructively, very fruitfully. Allow me to introduce everyone who is here. Alexander Novak, Deputy Prime Minister of the Russian Federation. Trần Đại Quang, First Deputy Prime Minister of the Socialist Republic of Vietnam. Myint Swe, First Vice President of Myanmar. Daniyar Amangeldiyev, First Deputy Chairman of the Cabinet of Ministers of the Kyrgyz Republic. And Eduardo Pedrosa, Executive Director of the Secretariat of the Asia-Pacific Economic Cooperation, APEC.
My first question goes to Alexander Novak. The theme of SPIEF this year, pragmatic dialogue, a path to the stable future. Indeed, right now, increasingly often we hear in world talk about the law of the strong. And in this context, it's important to talk to your dialogue to to your partners and seek an agreement with them. How does Russia build dialogue with those countries that stand willing to talk to us because, you know, there are some that don't want to do that. And what trends can you see emerging in the world politics as well as in the world economy? What is it worth talking about to your partners?
Good afternoon. Thank you, Ilya. From the outset, on behalf of the government of the Russian Federation, I would like to open our distinguished guests to the opening session. I would like to welcome the uh high-level guests from foreign countries, from international organizations, representatives of the business community. This is the 29th St. Petersburg International Economic Forum. It has been in place starting from 1997, starting from 2006. It's uh under the aegis of the president uh of Russia. And over the years, it has become one of the platforms to talk about the relevant issues of the world economy, to talk about the economic development of Russia. It is also a platform for different sessions that um aimed at finding solutions to existing problems with a view to ensuring stable growth both for the Russian economy and for the world economy. Russia working together with its foreign partners from its other countries.
The theme that has been announced for this session is pragmatic dialogue. What does it signify? Basically, it means that we work in the paradigm of mutual benefit. This is a partnership aimed at ensuring mutual development of ties. Its objective is to develop economic growth of each country in particular and the world global growth in general. Where are we right now from the point of view of the global economy? I think an answer needs to be given to that. I think many have spoken about that, including at this SPIEF. We are living in a world which is shifting as we speak just around us. It is being transformed. There is a number of significant challenges we are currently observing.
The first challenge consists in the fact that the world economy is being restructured. The pole, the center of the global economy is shifting for first and foremost towards Asia, to South Asia, Southeast Asia. In the past 30 years ago, the G7 accounted for 45% in the world GDP, whereas the BRICS share was around 22%, whereas right now the BRICS share has risen to 40%. And the G7 share has dropped below 30%. So, this gap is widening. Those who used to hold dominance in the global economy are losing their positions currently, whereas the new leaders in global economic growth are building relations between one another. They trade directly, building new supply chains, new routes, new direct ties, and this is precisely the response that is being given to you at this plenary session at SPIEF. This is what pragmatism is about.
And there's another challenge, an important one we're up against. I am referring to the global technological growth, an explosive growth to boot. There are several aspects to that. The first two or three, well, we've been seeing over the last 2 years or so, we have been seeing an expansive growth of digital platforms that are being implemented actively in the economy. They are changing the very shape, the very structure of the economy. There are opportunities emerging to use databases and large databases accumulated right now, and there's a new market for that. In turn, it breeds new markets. It raises the efficiency, and the structure of employment is shifting as well. Fundamentally, right now, these digital platforms are growing exponentially, and I would like to point out that if we look at Russia's GDP in terms of services and goods, around 8.5% all of that is traded via digital platforms, whereas it's 12% in China, and the US uh it's the similar similar in Europe. It's far less, far inferior to that. So, this is one of the trends that is going to transform the economy internally and externally in the ties between countries.
Secondly, from the point of view of challenges and transformations the world is undergoing, we see the active implementation of artificial intelligence. We have to be fully cognizant of the enormous impact it is going to have on economic processes, on the structure of industries, on the speed of decision-making, on the efficiency of different sectors. If we take AI in itself, we'll see that it's growing dynamically. It's not just being implemented in our everyday life as well as in our economic relations. AI is developing on its own. First, it was just a search engine to sort through the big data we use right now. AI is providing agency services. It can be used in different spheres and different fields. This is a new platform which can shape a new economic paradigm and change the old ones. The autonomous AI systems are being built. There are autonomous robots. There are UAVs flying autonomously. This autonomy is going to gain traction, being implemented increasingly widely. It's going to transform the world economy in general and individual country economies.
All of that is happening against the backdrop of the third challenge, which is also very important to the global economy, and that is the change in demographics. As we can see, there are countries that used to serve as the driving force of the economy due to the constant augmentation of their population, increased population. Whereas right now, it's being changed. Their share in the global economic growth is somewhat shrinking, decreasing. Let's take China or Singapore as an example of big countries in Southeast Asia. Basically, in terms of demographics, in terms of population increase, they are growing at a much slower pace than they used to. And sometimes the ratio has dropped below 1.0. We see Pakistan, South Asia as the new center of demographics. These are going to be the new centers of economic growth as well as consumption, and this is something to keep in mind when analyzing the global economic trends, the consumption trends, the urbanization. Because all of these processes serve as the driving force behind economic growth. So, there are some countries that have not yet been fully urbanized, and they will be the driving force behind economic growth in future. This has to be kept in mind. Another thing to watch out for is the aging population, which is going to have an impact on healthcare, on social services, and the demographic structure that is going to underlie the economy and its needs. All of this has to be taken into account.
Another important challenge is the growing unpredictability, which is happening almost ubiquitously. This is mainly due to the wars being waged, to the sanctions being slapped, due to the protectionism that has been resorted to by the countries that are starting to lag behind in terms of economic growth and are trying to cling on to their influence while understanding that as a matter of fact >> [snorts] >> they have neither the technological nor the demographic groundwork to sustain that growth. Europe's growth rate is much inferior to the average global growth rate because the population there is aging, there are demographic issues, they have run against and economic wise economic wise there is a redistribution of production capacities away from Europe to other countries. In order to preserve its rapidly shrinking role their rapidly shrinking role, some European countries the Western world in general are trying to introduce tariff wars or protectionism and similar instruments in order to preserve their role, their share.
And the last thing I would like to speak about is the changing financial interrelationship. There was the old system when the Western currencies or the currencies of the G7 used to be the dominant force. Right now this is a thing of the past because the world is transitioning to alternative payment methods. We are introducing blockchain based payments independent of financial mechanisms for transactions between countries. Many are transitioning to national currencies for their transactions. I can tell you right now that as of now Russia carries out more than 50% of all transactions either with the use of ruble or with the use of currencies of friendly nations. And as far our major trade partners are concerned the ratio is more than 90%. Almost all countries are trying to diversify their payment structure and this is yet another trend that is going to transform the world economy.
And in conclusion, you know, at the very beginning of our panel discussion, I would like to say that naturally, all of these challenges, all of these trends, global trends, that are reshaping the global economy in a fundamental fashion have to be addressed together, jointly. The logic of collective partnership is precisely the logic of pragmatism. This is the relations we are trying to build with our partners and I'm happy that at SPIEF, we have more than 130 countries represented, more than 20,000 people from the business community, from the authorities, from other countries, from Russia, from partner nations. All of them have come despite the difficult geopolitical environment. They have found the time and they are attending the forum, participating in it. I would like to wish all the participants of the forum to find new solutions here, which will allow you to build better relations between countries, solutions which will allow you to improve the world economy as well as the quality of life in your countries. Thank you.
>> Thank you very much. You said 130 countries uh their representatives take part in this forum. Yeah, and these countries are rapidly developing. Their growth rates are pretty high and those um countries that develop well, they send their representatives here. Now, I'd like to turn to the representative from Vietnam. Yeah, you outlined already a number of global trends and ordinary people ask themselves, um are you saying that our life will change completely? And are you sure that we have been through such transformations? And we I would like to use this transformations as opportunities. So, what cooperation we need in order to preserve and ensure the stable world order, especially in the sphere of economy.
Ladies and gentlemen, I taking part in the 29th St. Petersburg International Economic Forum. We are happy to take part in this event. And this is an event of high prestige. It is um taking place in the city of great history, culture. On behalf of the government of Vietnam, I would like to pass the warmest regards and best wishes to all of you. The topic of this forum, pragmatic dialogue, a path to a stable future, is highly relative relevant. And everything we are discussing now, digital transformation, artificial intelligence, economic security, the role of developing economies and inclusive development, all this is in line into the context of the world which is undergoing deep technological and security related transformations. The world global growth is decelerating. And we see that supply chains are being transformed due to conflicts and instability in the sphere of security, climate change, food security, the aging population, and non-traditional risks affect all the countries. At the same time, the rapid development of modern technologies and artificial intelligence present both challenges and opportunities for stable growth and development. At the time of deep turmoil, the dialogue is always a way pathway to strengthening trust and creation of new driving forces of future development.
For ensuring the stable future, we need to promote cooperation in the following three areas. Firstly, strengthening stability and expanding cooperation. Countries need to strengthen their ties and not to go for confrontation. We need to promote transparent and inclusive trade and invest trade and investment environment based on international laws. Also, we need to ensure equitable access to market factors, technologies, and growth factors for the developing countries. The Eurasian space is reinforcing its role as a strategic bridge among the major centers of growth and also promotes regional integration. Vietnam is ready to take an active part in strengthening relations between ASEAN and Eurasian partners for the benefit of peace and stability.
Secondly, we need to increase our ability to adapt to the rapidly changing world of technology. A new technologies, including AI, should be new driving forces promoting innovations and new technologies. We also need to reinforce our relations in science and research area. We need to share experience and also train specialists in all areas. And also strengthen our participation in digital economy.
Thirdly, we need to reinforce our ability to uh meet all the challenges of the current world. It is climate change, non-traditional risks. All this requires coordination in the area of forecasting, transfer of technology, financial support, and so on. People should be in the core of our attention and they should be subjects of all strategies of development, ensuring that every citizen, every person can be in self-independent and also have access to all the resources. Vietnam has been following independent and self-reinforcing and friendly cooperative external policy. Um multi-level cooperation is our way and we are a reliable partner and member of the international community. We are ready to work together with Russia to promote common values for rapid growth for peaceful development in the region and all over the world. Vietnam and Vietnamese and Russian enterprises have enormous potential for cooperation in strategic areas like trade, energy, high-tech, urban development, tourism services, and education. The government of Vietnam looks forward to strengthen relations in the area of trade, innovation, technology, and training of professional cadre. And we are open to promoting strengthening relations in business community. And uh is important for the um better development of all business companies of of both countries and the whole world. Thank you for your attention.
Thank you very much. After your uh presentation, you know, I got an idea. We were speaking about the rights of the strong ones, and now we are speaking about the rights of equal partners when all the countries, when they communicate on the equal basis and look uh for uh contact points for development. And now my question is to the representative of Myanmar. In this new world order, in this new situation, uh what is the important for you? What all these transformations? What is it for uh Myanmar? Is it a chance for a better or different development or what?
Thank you. >> His Excellency Mr. Anton Kobyakov, advisor to the president of the Russian Federation, and executive of the organizing committee. Excellencies, distinguished guests, speakers, ladies and gentlemen, >> Your Excellency Mr. Vladimir Putin, President of the Russian Federation, Your Excellency Mr. Anton Kobyakov, advisor to the President of the Russian Federation, executive secretary of the organizing committee, your excellencies, distinguished guests, ladies and gentlemen. First of all, I would like to express the gratitude of our gratitude to president of Russia, Vladimir Putin, for his visionary guidance in convening this distinguished forum. This forum is taking place in St. Petersburg, the cultural capital of the Russian Federation, and it provides a valuable platform for dialogue on global investment, trade, and economic cooperation, while allowing participants to experience the city's rich history, its cultural heritage, and the beauty of the white nights season. The theme of this year's forum, pragmatic dialogue, the pathway to stable future, it is a particularly relevant in today's rapidly evolving global landscape. The global economy continues to face significant challenges arising from geopolitical tensions, protectionist measures, uh supply chain disruptions, energy security concerns, and economic uncertainty. These developments underscore the importance of dialogue, cooperation, and collective action. In this context, I'm confident that here in St. Petersburg, this forum will contribute to a more resilient global economy with a more prosperous future for generations to come.
As global economic interdependence deepens, the importance of connectivity, logistics networks, and trade corridors continues to grow. Myanmar possesses significant potential for long-term development. And it occupies a strategic geographic position at the crossroads of East Asia Asia, Southeast Asia, and South Asia. Located between the Pacific and Indian oceans, Myanmar serves as a natural land bridge linking regional markets and facilitating trade, transportation, and economic integration. Myanmar is also strengthening its role as a maritime nation through the development of key deep sea ports including Kyaukphyu, Dawei, and Thilawa, which are expected to enhance regional connectivity and international trade. In addition, Myanmar actively participates in major regional initiatives aiming at development of transport infrastructure. This includes the China-Myanmar Economic Corridor, the Kaladan multimodal transport project, the India-Myanmar-Thailand Trilateral Highway, and the Greater Mekong Subregion Cooperation Framework. As part of both the Asian Highway and Trans-Asian Railway Network, Myanmar is well positioned to contribute to stronger regional connectivity and economic cooperation.
To capitalize on these advantages, the government of Myanmar is implementing policies aimed at facilitating trade and improving the business environment. These efforts include streamlining export and import procedures through one-stop service mechanisms, simplifying licensing processes, reducing trade barriers, and strengthening compliance with international trade commitments. At the same time, Myanmar is modernizing its agriculture and livestock sectors to enhance productivity, strengthen food security, and support a sustainable development. We welcome greater international cooperation and investment in these sectors. The government of the country has also launched 100-day priority programs under the broader development agenda, focusing on education, foreign direct investments, agricultural modernization, rural development, manufacturing, and the growth of micro, small, and medium-sized enterprises. At a time of global economic transformation, diversifying trade partnerships and building resilient supply chains are more important than ever. Myanmar stands ready as reliable partner for investment and economic cooperation. We are strengthening connectivity in the area of transport, we modernize infrastructure, and improve the business environment to facilitate trade and investments. Following the entry into force of the Myanmar-Russia investment promotion and protection agreement, which happened in April 2026, we warmly welcome Russian businesses and investors to explore opportunities in Myanmar, particularly in transport, communications, digital infrastructure, logistics, export-oriented industries, technology, and digital services. Myanmar remains firmly committed to sustainable economic growth, export promotion, tourism development, and the advancement of micro, small, and medium-sized enterprises. We welcome responsible investment and mutually beneficial partnerships that contribute to our common prosperity. At the same time, economic progress must be balanced with environmental stewardship and social sustainability. Through mutual trust, transparency, and practical cooperation, we can build a future that is stable, prosperous, and sustainable for all. In conclusion, I encourage all of us to work together toward a shared future where lasting peace, stability, and prosperity will be achieved through constructive dialogue and genuine cooperation. Thank you very much.
>> Yes, we've got some statistics. As far as I know, Kyrgyzstan is one in the top five of the most dynamic economic countries. Around 10% trade has doubled since 2022. Starting from 2021, the joint development fund has implemented more than 4,000 projects and the consolidated budget has tripled since 2023. I think it's like a Kyrgyz economic miracle. Can we use this um with regards to your economic development and where are the potential areas for growth in your country?
Thank you, Mr. Dorinov, for this question. Distinguished participants of the forum, colleagues, ladies, gentlemen, from the outset, I would like to thank the organizers of St. the St. Petersburg International Economic Forum for the opportunity to look about the prospects of economic cooperation and such an august assembly. I would like to thank you for your traditional hospitality as well as for the chance to speak. Kyrgyzstan is participating in SPIEF for the first time as a fully fledged member. Right now, SPIEF is not just an international platform. This is the space to build new economic ties, to make new investment decisions, and launch projects that are going to determine the fate of development of whole regions. Kyrgyzstan and Russia are strategic partners as well as reliable and allies. Our relations are founded not just on shared history and close humanitarian ties, but also on a solid economic foundation. Russia remains one of Kyrgyzstan's uh biggest trade partners and investors. Right now, our trade has uh exceeded 5 billion US dollars. Kyrgyzstan arrives at this point with very good economic statistics, as you've pointed out of the last 5 years, on average, our economy has been growing at 10% this first 6 months of this year, 12.4%, but getting back to the subject at hand, I can tell you that Kyrgyzstan is pursuing a well-balanced economic policy. Thanks to that, our government is focusing on creating a favorable business environment, developing digitalization, infrastructure, simplifying administrative and tax barriers. We have improved our tax policy, facilitated tax-related procedures, and administrative procedures, cutting red tape. So, I think right now there is a very good environment between the business and the authorities. The government says has resulted in an increase in business activity. Our economy has emerged from the shadows, as it were, coming into greater transparency. Kyrgyzstan, and that's important, is participating in the Eurasian Economic Union. Thanks to the Union, our producers have got access to a big market, whereas trade and economic ties with Russia and other union members have strengthened considerably. Russia remains one of Kyrgyzstan's biggest partners in trade and investment, as well as in industrial cooperation.
On a particular note, I would like to note of the Russian Kyrgyz Development Fund. I would like to inform you on this about this fund. It was created by the two government to make sure that Kyrgyzstan can fully integrate into the Customs Union to allow the economy to catch up without government-run institutions. It would have been impossible, and I think this fund has played a historic role in that regard. It has created the premise for setting up our own development institutions. Right now, Kyrgyzstan has at the very least five development institutions with a capital of no less than 5 million US dollars each. Over the recent period, the fund has implemented more than 3,500 projects, creating new jobs, new enterprises, modernizing production capacities. Another important factor is investing into the human capital. We have citizens who work abroad, primarily in Russia. They can not just support their families, they can also invest in their own business, which creates additional internal demand, and also pushes the economy forward. No less important is the transportation potential of our country because it's at the intersection of trade routes from China, Central Asia, Russia, and the Middle East, which opens up additional opportunities for transit, for trade, as well as industrial cooperation. Looking into the future at our growth and the growth of other Central Asian countries, we see that we have to pursue deeper integration, develop transport corridors, explore digital economy, and pursue joint projects because the world is becoming increasingly regionalized. So, big integration spaces get additional advantages in terms of development. The most important resource for development is the citizens of the countries themselves. Historically, Kyrgyzstan has enjoyed a very high level of entrepreneurial activity. People adapt fast to any changes, explore new markets, build new businesses, and find opportunities, however hard the environment might be. There's this combination of individual initiative and uh steady support from the government, which has allowed to secure these high levels of economic growth. Our objective right now is not just to preserve these high rates, but also to ensure the level of quality, improve labor productivity, create new jobs, develop new technologies, and uh ensure a sustainable increase in the income of our citizens. Thank you.
Thank you. Our next question goes to Eduardo Pedrosa from APEC. I don't know uh what's uh the state of affairs there, but in Russia many say that globalization is coming to an end and the world is being split into big regional blocks and political blocks. My first question, do you agree with the statement? And secondly, what's your take on the future development of international economic ties?
Thank you to the organizers of the St. Petersburg International Economic Forum for the opportunity to address you today and speak about these very important issues. As we have heard, the global economy is facing uncertainty, geopolitical tensions, and concerns about fragmentation. But from APEC's perspective, there are strong reasons to remain confident that international cooperation can still deliver results. First, we should remember that these challenges are not entirely new. When APEC was first founded in 1989, its architects were concerned about cracks in the trading system, trade imbalances, tensions in multilateralism, and the rise of regional blocks. APEC was created to prevent this fragmentation from becoming division. And to ensure that regional cooperation strengthens rather than weakens the global economy. But second, while we have different approaches, fragmentation does not have to be inward-looking. But it's also a reminder of why cooperation matters. Over time, the slow progress of global negotiations have led economies to pursue bilateral and regional arrangements. But that's a pragmatic approach. And these can create complexity, but they also still show that economies want integration. They want cooperation. APEC's long-standing vision of a free trade area of the Asia-Pacific is designed to promote convergence, reduce unnecessary costs, and connect these arrangements into a more coherent regional framework.
Third, economic imbalances and structural change do not only create pressure, but they also create opportunities. Export-led growth in the region and in the world has lifted millions out of poverty. Asia-Pacific region has now enormous middle class. Today, aging populations, digital transformation, and sustainability challenges require new policy responses. APEC does provide a platform for economies to exchange ideas, build capacity, and create practical solutions together. Fourth, tensions in the multilateral system make dialogue even more essential. The WTO is indispensable. APEC has consistently supported efforts to strengthen it. As a non-binding and consensus-based forum, APEC helps our members, our economies, to address difficult issues, build trust, and test new ideas. Our role as an incubator of practical cooperation has produced results. Before and areas such as information technology, environmental goods, services regulation, and it can do so again. And this remains a constant theme throughout all of our work. Just a month ago, a few weeks ago, our trade ministers met in Suzhou, and they underscored the role that APEC can play in building economies' capacity to participate in high-standard and comprehensive undertakings. Moreover, they went even further than this, articulating specific issues for discussion and progress. These are sensitive issues, but we are pragmatic, and we emphasize cooperation above those differences. And this is very much a constant in our work. So, what gives me this confidence that international cooperation can still deliver results. We have faced this uncertainty before and we have chosen cooperation. APEC was built on trust, openness, but importantly practical action. These principles remain essential today, especially in a more complex world. International economic relation cooperation cooperation it's it's not a luxury. It's it's an an an it's a necessity. But with sustained commitment, it can still deliver meaningful results for our region and the wider global economy. At our very core, APEC is about voluntary cooperation. We're not forcing anyone to do anything. But it's a long-standing principle in all of this that we are an open regional region. We're not closing it off, but we are open. But in spite of the shifting attitudes that we have towards multilateral cooperation, APEC members continue to demonstrate the value that they hold APEC in. We have now received offers to host APEC all the way through to 2035. That might seem a long way away, but in many ways it is much closer than we think. Finally, APEC continues to add value by preparing economies for the next generation of trade and investment issues. We've talked about artificial intelligence. We don't actually know what's on the horizon. We see ourselves as as an incubator of new ideas because we're diverse, because it's such a big region, the most populous region, and with the biggest in terms of economic weight and GDP. As this incubator, we have taken on informal ideas, shared experience, but these are then formalized in groupings like the comprehensive and progressive Trans-Pacific Partnership, the Regional Comprehensive Economic Partnership, and recently with the Digital Economy Partnership, which really tackles those issues at the forefront of our economies today. The digital economy is an area of growth, but we don't have the policies that will help us to really benefit from them together. We also work very closely with the business community. They are the ones that are creating jobs. They are the ones that are innovating. And we try to make sure that we are responding to their concerns. But we also work with other international organizations. That's one of the reasons why I'm here. We want to share insights, and we want to share regional and support regional and multilateral cooperation. But in each of these areas, cooperation, pragmatic dialogue, experience sharing play a critical role. We need to enable high standard, quality, and inclusive growth. So with that, thank you very much.
>> Thank you very much. Thank you very much. >> Thank you very much. Yeah, this session is uh called an opening ceremony or an opening session of this forum. And now I would like to ask one more question in conclusion of the session. What are your expectations of this St. Petersburg International Economic Forum in 2026? And you said that there are representatives of of 130 countries. Right, what can you say to them? What are your expectations?
Thank you. I would like to begin with the following. So I would like to wish, and I wish all of you who have come to St. Petersburg to have uh the uh impressions from Russia. This is the most beautiful city not only of Russia, but of the whole world. And as the governor of St. Petersburg said, he wished you to have not only business meetings and sessions, but also to find time to see the beautiful sights of St. Petersburg. And then you will leave with amazing impressions and with a desire to return. As for the expectations from our business dialogue at this forum, of course, this is about new agreements, reaching consensus, signing contracts, and after the end of this forum, we'll share the statistics about it. And also wish that this 29th International Economic Forum with this global agenda that we are discussing be another step towards creation of an effective and free platform of developing global partnership between countries. And we heard from our colleagues today for the benefit of economy, of regional development, and also for improvement of life of the people living in all these countries. So, these are the major goals of this international event. Thank you very much. In conclusion, I would like to say I wish you constructive, interesting sessions, and in the evening enjoy the beautiful St. Petersburg. Thank you very much. >> [music]