Unofficial translation

St. Petersburg International Economic Forum 2009 Differentiated by Its Ideal Combination of Theory and Practice

The St. Petersburg International Economic Forum (SPIEF), which is to take place on June 4-6, sets itself apart from other similar forums due to its combination of theory and practice, Blake Marshall, Vice President of the international consulting agency The PBN Company, informed RIA Novosti.

“I think that one of the strong distinctive features of SPIEF is the link between practice and theory, which is achieved due to the participation of academic specialists, government officials and representatives of the business elite,” remarked Mr. Marshall.

Mr. Marshall thinks that the discussions at the St. Petersburg Economic Forum will not turn into theory sessions, since they will be held within the prism of the Russian market.

“Discussion of political problems and practical solutions will not verge into theoretical territory, since they will be conducted within the context of the Russian market, in which international companies continue to show interest, despite the crisis,” said the expert.

Mr. Marshall considers forums like SPIEF to be in an ideal position to assist in overcoming the global economic crisis and in searching for the tools to do so.

“They help if they are organized well, and the St. Petersburg forum seems to me to be organized well. For example, the session on lessons from the crisis and the search for ways to move forward will be opened by the President himself, Dmitry Medvedev. The head of the Ministry for Economic Development Elvira Nabiullina and the CEO of Citigroup Vikram Pandit will be discussing the anti-crisis program, and Vice Premier Igor Sechin will be taking part in the round table on oil prices together with BP CEO Tony Hayward,” Mr. Marshall said.

In answering RIA Novosti’s question about whether investors will be scared off by Russia’s current level of inflation and GDP, the PBN Vice President answered, “foreign investors, if they are smart, are thinking about the long-term, not immediate profits.”

“And I do not believe that the impact of the crisis on current economic figures will have much of an effect on medium-term prospects in Russia, and certainly not on long-term prospects,” Mr. Marshall remarked.

According to the expert, crises often have a healthy effect on an economy because they identify the weaknesses and strengths of the economy.

“Crises, as a rule, possess a cleaning effect that helps get rid of inefficiencies, provides an impetus towards innovation, and increases productivity. Thus, I think that Russia’s prospects in the eyes of investors are still rather good, and I am hearing this from investors who have only recently moved into the market,” said Marshall.

This year SPIEF is dedicated to topical issues on the current stage of world development. Forum participants will be discussing new approaches to understanding future international financial institutions, banking sector development prospects, and the effectiveness of the measures implemented by governments. Special attention should be paid to the role of Russia in solving issues. Taking part in the forum will be representatives of both the political and business elites, leading economists and experts.  RIA Novosti is the general sponsor of the forum.