Official website of the President of Russia

Transcripts   /

The SPIEF plenary session was also attended by President of the Republic of Indonesia Prabowo Subianto, National Security Advisor, Commander of the Royal Guard of the Kingdom of Bahrain Nasser bin Hamad Al Khalifa, Vice Premier of the State Council of the People’s Republic of China Ding Xuexiang, and Deputy President of the Republic of South Africa Paul Mashatile.

The discussion was moderated by Nadim Koteich, a journalist, General Manager and presenter at Sky News Arabia.

The St Petersburg International Economic Forum (SPIEF) has been held annually since 1997, and since 2006, has taken place under the patronage and with the participation of the President of Russia. In 2025, SPIEF events are being held on June 18–21, bringing together 20,000 guests from 140 countries.

* * *

Journalist, Sky News Arabia General Manager and presenter Nadim Daoud Koteich: Good evening, everyone.

Mr President, thank you so much. It’s a pleasure and an honour to be with you on this panel with your esteemed guests.

If anything, the St Petersburg International Economic Forum is again and again proving itself as a pivotal platform for discussions around global economy, global trends and geopolitics. There is no better time than now, being here and discussing what we are going to discuss after listening to these speeches – one by you and the rest by your esteemed guests.

Thank you again. Thank you so much.

This is a very interesting panel, if you look at the structure of the panel. We have China, we have Indonesia – a very important country from ASEAN. We have Russia, we have Bahrain – a very important and vibrant GCC country, and then we have South Africa, which is a founding member of BRICS.

And still some people would say Vladimir Putin is isolated. So, I don’ know, if this panel says something, it says how multipolar the world has become.

Mr President, the floor is yours for the first speech.

President of Russia Vladimir Putin: Mr Prabowo Subianto,

Your Highness Sheikh Nasser,

Mr Ding Xuexiang,

Mr Paul Mashatile,

Friends, ladies and gentlemen,

I am delighted to welcome all participants and guests of the 28^th St Petersburg International Economic Forum. The forum’s format traditionally fosters substantive and meaningful discussions on the most pressing issues. We are pleased that representatives from 140 countries and territories have joined this important dialogue.

This year, among the important topics – referred to by our colleagues as key discussion tracks – is the quality of growth in the context of a multipolar world and major global challenges. These include profound shifts in the global economy and demographics, such as the planet’s population dynamics, as well as social, public, and geopolitical tensions that manifest through crises and rapidly escalating regional conflicts, unfortunately visible today in the Middle East.

Finally, these include climate change and urgent environmental issues that demand our attention and response. And, of course, the transition to a new technological era driven by digital platforms, artificial intelligence, and autonomous systems capable of making decisions independently of human input is also a central focus.

The key question is how to ensure that positive technological advancements are accessible everywhere, so that new digital and technological solutions enable countries, regions, and cities to achieve new levels of development and progress. It is essential that the benefits of these technological breakthroughs are shared broadly, transforming society, reducing poverty, improving quality of life, and providing equal opportunities for every individual to acquire the knowledge needed to fulfil their potential. In other words, it is crucial to uphold the fundamental principle of justice.

In my speech, I will focus on the challenges Russia faces in these areas, the steps we are taking in collaboration with business, scientific, and public organisations, as well as the approaches we propose to support economic growth, not only within our country but also through creating joint mechanisms for global and regional development in partnership with our friendly nations.

I will start with the current state of the Russian economy. Despite a challenging international landscape, Russia’s GDP has been demonstrating an annual growth rate of over four percent over the past two years, which is above the global average.

Regarding the structure of this growth, let me share a specific indicator with you – the so-called non-oil-and-gas GDP. It excludes sectors related to hydrocarbon production. In 2023, Russia’s non-oil-and-gas GDP increased by 7.2 percent, followed by an additional 4.9 percent, or almost five percent, in 2024. These are solid figures exceeding the overall GDP growth rates.

In other words, commodities no longer play a defining role in Russia’s economic growth patterns. Moreover, the contribution of the commodities sector is even negative currently.

By the way, defence manufacturing was not the only driver of our overall GDP growth, as some may believe. Of course, it did play a role in this regard, but we must keep a close eye on the way this growth has been structured.

Over the past two years, the top performing industries have included agricultural production, manufacturing in general, the construction industry, logistics, services, finance and the IT sector, covering almost all the key, essential segments of the national economy.

What does this mean? It means that thanks to the efforts of tens of thousands of enterprises and companies, their teams, managers, and their proactive approaches, as well as the work of millions of entrepreneurs, the Russian economy has been steadily developing, achieving new heights in terms of quality, complexity and diversity. The idea of the Russian economy being completely commodity-based and dependent on the exports of hydrocarbons is clearly outdated; it is becoming a thing of the past. We are living in a different reality now.

Russia is the world’s fourth largest and Europe’s number one economy in terms of GDP. I am not talking about the per capita GDP, but about the sheer size of the economy. Still, this is a major milestone.

Of course, achieving this result is not enough. It is essential that we consolidate our standing as a major economy by offering a business-friendly environment so that businesses from Russia and our friendly countries can invest their assets here, as well as upgrade and expand their manufacturing capabilities in Russia.

Our key task this year is to ensure that the economy transitions to a path of balanced growth. What does that mean? We understand it to mean that we must achieve moderate inflation and low unemployment. According to statistics, annual inflation has already dropped to single-digit levels below ten percent. As of June 16, it stood at 9.6 percent. Of course, that is still high, but inflation targeting continues.

Certainly, this outcome is due both to the Government’s steady efforts to develop the supply side of the economy and to the responsible actions of the Central Bank. That said, I would like to highlight the following: inflation dynamics have been better than many experts expected and even better than the forecasts made by the Bank of Russia. This has made it possible to start cautious easing of monetary policy.

However, consumer price changes are only part of the picture. To reiterate, balanced growth means moderate inflation, low unemployment, and continued positive economic dynamic. It is important to keep all indicators of the health of our industries, companies, and even individual enterprises in focus.

I will say more about the labour market later. For now, I would like to note that in the first four months of this year, Russia’s GDP increased by 1.5 percent year-on-year, including 1.9 percent growth in April alone. At the same time, some experts point to risks of stagnation or even recession. That, of course, must absolutely be avoided.

I know that during the forum you have heard the discussions within the Government, and between the Central Bank of Russia and the Government. You have likely dived deep into the materials.

We need to pursue sound, well-designed fiscal, tax and monetary policies, aligning these mechanisms above all with the goals of supporting and stimulating growth, while, of course, maintaining macroeconomic, inflationary, and financial stability.

In other words, our strategic vector is precisely to actively and consistently transform the structure of the national economy, step by step. As I mentioned earlier, we have achieved a great deal in this area, but it is clear that moving forward is critically important, especially in light of the dramatic changes taking place in the world.

We discussed the need for additional measures on this issue at the Council for Strategic Development and National Projects back in December 2024. Working together, the Government, regional authorities, businesses, experts, and the scientific community identified key tasks to accelerate long-term growth and structural changes in the economy. Today, I will focus on these critical areas in a broader context.

Foremost among these is the transformation of employment and consumption patterns. We must create conditions that boost the economic activity of our citizens, enabling both young and mature individuals to realise their potential in the labour market, acquire new skills, build successful careers, and increase their incomes.

In other words, we are aiming for a transition to a high-wage economy, not driven by labour shortages that compel employers to raise wages to attract workers but grounded in improving job quality and boosting labour productivity.

Over the past four years, employment in Russia has grown by 2.4 million people. Since October last year, the national unemployment rate has stabilised at around 2.3 percent, reaching a historic low. Importantly, this positive trend extends to regions where employment challenges have traditionally been acute. Russian colleagues are well aware that this primarily refers to southern Russia and the North Caucasus, where unemployment has been reduced roughly by half – an excellent achievement.

This success is the result of a combination of sound macroeconomic policies, proactive regional government initiatives supported by federal employment programmes, and the broad adoption of modern technological solutions such as platform-based employment and digital marketplaces.

Some of our colleagues, including our guest from Bahrain, recently visited the Chechen Republic and witnessed firsthand its development. Indeed, Chechnya serves as a vivid example of this progress.

I would also like to highlight that employment is increasing notably among young people who are just entering the labour market and securing their first jobs. In terms of youth unemployment, Russia ranks among the best globally, with a rate of approximately seven and a half percent.

For comparison, youth unemployment stands at around 16 percent in France and 11 percent in the United Kingdom. Globally, youth unemployment remains one of the most pressing economic and social challenges. In Russia, however, we are clearly moving in the right direction. I believe we can confidently say that we are coping successfully with this issue.

Of course, there is still room for improvement. However, I want to emphasise once again that the progress made in this area is clear. This is particularly important because the impact of active youth employment extends far beyond the present moment. A strong start and being in demand in the labour market shape a young person’s successful professional career, their role in society, and greatly influence their decision to start a family, care for their parents, and raise children – not just the first child, but hopefully the second, third, and beyond. This is a vital matter for the country’s social, economic, and demographic development.

Next. Employment is growing in the sectors that produce final products, in high-tech economic areas, including the manufacturing sector, information technology, and tourism. Meanwhile, in supporting sectors such as trade, public administration, and finance, employment is objectively and justifiably declining. These – I believe some are aware, though perhaps not everyone – are very positive trends and a commendable indicator.

For reference, if we consider the dynamics: in the information and communications sector, there has been an increase of 353,000 people – a rise of 29.7 percent; in manufacturing industries – 10.2 percent. Conversely, the number of workers in trade, for example, has decreased by 170,000 people – a drop of three percent.

These are gradual but highly significant and important trends that reflect structural, qualitative changes. We intend to continue – through enhancing economic efficiency and implementing digital platform solutions – to facilitate a reduction in the share of employment in so-called supporting sectors. Naturally, we must provide those employed in these areas with alternatives.

To achieve this, we will encourage the creation of modern, more attractive jobs with high labour productivity that align with the new technological paradigm. Labour legislation must be further refined to meet its demands and, most importantly, in the interests of the people. The Government has prepared a package of such amendments, and I request the State Duma to adopt them without delay.

I reiterate: high-quality, structurally new employment is the key to increasing citizens’ and households’ incomes and reducing social inequality. Of course, this remains a challenge for us, but we are addressing it consistently. We have already accomplished much to ensure the accelerated growth of incomes for the least well-off citizens and have achieved – I wish to emphasise this separately – we have achieved a record reduction in the poverty rate in the history of the Russian Federation.

By the end of last year, it stood at 7.2 percent, and the positive trend continues. In the first quarter of this year – compared to the same period last year – the number of citizens with incomes below the subsistence minimum decreased by more than two million people.

Our Russian colleagues here today are aware, but I will repeat for our guests. In 2000, the poverty rate in the Russian Federation was 29 percent, and – let us be frank – as many as a 42.3 million people found themselves in this humiliating situation. By the end of 2024, this was no longer 29 percent but 7.2 percent, and not 42.3 million people, but 10.5 million people. Obviously, we must strive to reduce this figure further – and that is precisely what we intend to do: lowering it to seven percent and then to five percent.

However, the level of wages across the economy in Russia is still insufficient, and I would like to stress this as well. I have said that we need to set ambitious goals and create an economy of high wages. Let me repeat this once again because this is important – this should be done through higher labour productivity. Let me also note that the share of wages in Russia’s GDP increased from a little over 40 percent in 2021 to almost 44 percent in 2024.

So, what do we focus on? First of all, we made it one of our priorities to adapt educational programmes to the needs of the real sector. By the way, the recent downward trend in youth unemployment, which I just mentioned, shows that we are on the right track.

I would like to add that this year, shortly before our forum, Russia released the first official ranking of higher education providers by employment outcomes and graduate salaries. This indicates which professionals are most in demand in the labour market, and which universities offer the highest quality training and, importantly, produce the most sought-after specialists.

This ranking is also a key indicator of how effective a university’s management team is. I would like to ask the heads of relevant ministries and our colleagues at the federal and regional levels to review this ranking and use it as a tool for managing changes in professional training.

Next, to raise individual incomes, we must invest in professional development and retraining programmes, empowering employees to grow professionally, transition between companies or relocate to other regions. Increased workforce mobility doesn’t just benefit workers who seek higher-paying jobs and career advancement. It also fuels economic growth.

Equally critical is investing in modern equipment, embracing automation and robotics. In turn, these advanced technologies demand skilled professionals to operate and maintain them, creating well-paid jobs in the process.

I would like to emphasise that while higher wages primarily benefit workers – raising their living standards, improving family well-being, and creating better conditions for their children – they also strengthen the economy and the nation. Higher incomes and reduced inequality reshape demand. These things are deeply interconnected. When demand becomes more balanced, it stimulates greater consumption of domestic goods and services.

I am referring to essential industries such as tourism, public catering, and sectors that capitalise on our natural heritage, unlock the potential of cities and towns, and make urban spaces more comfortable and convenient for living, working and recreation.

In this regard, I would like to remind you that together with my colleagues from the Government, we have agreed to introduce a new taxation system for catering – with a flat VAT rate. Part of the tax revenues will go directly to municipalities, providing them with additional resources for local development projects and programmes, primarily to improve the quality of life in their communities.

We will also actively support the fast-growing sectors of the creative economy – those connected with science, culture, and arts. This includes architecture and design, film and music, publishing and software development, and all facets of what experts call the experience economy.

This year, a federal law came into force that provides a legal basis for promoting the creative industries. By the end of the year, 70 regions will begin implementing development standards for this modern segment of the economy and public life and will start building the necessary infrastructure.

To make this work more thorough and consistent, I am asking the Government, in conjunction with the constituent entities, to draft a long-term Strategy for the Development of the Creative Economy, and also to consider launching a federal project in this area.

Separately, I would like to mention the improvement of the Russian cities and towns’ tourist appeal. Historic buildings, churches, estates, and cultural heritage sites are the tangible embodiment of our national identity and uniqueness, true tourist magnets.

We have agreed that by 2030 we will renovate and refurbish at least 1,000 such sites across the country, giving them a second lease on life by opening museums, educational and exhibition centres, hotels, and so on.

A pilot programme for restoring cultural heritage sites with subsidised lending provided for such projects has already covered nine Russian regions. The next step is to expand it to cover the rest of the country.

For the allocated funds to have greater impact, I propose using the following solutions, namely, to combine the resources of two subsidised lending programmes – one for developing tourism infrastructure, and the other for preserving cultural heritage sites.

That way, additional low-interest funding can be attracted for restoring and overhauling historic buildings for business use, among other purposes. In addition, I propose extending the umbrella guarantee mechanism from the SME Development Corporation to cover these projects.

In addition, cultural heritage sites typically involve a complex investment and construction cycle. Those involved know what I am talking about. The process is time-consuming and should be reasonably shortened by cutting excessive formalities without compromising the preservation of historical monuments, of course.

I am asking our colleagues from the Presidential Executive Office to prepare, within the framework of the relevant interdepartmental group, solutions both for this matter and for the overall restoration of cultural heritage sites.

Earlier, I mentioned the tourism infrastructure development programme. Let me remind you that we are actively and carefully involving our national parks in the tourism sector, creating conditions for visitors, while ensuring respectful and careful treatment of nature and protected ecosystems.

This is another example of Russia implementing an environmental agenda: not chasing short-term profit at the expense of natural wealth but preserving and increasing it for the benefit of the people and society at large.

To follow up, let me add the following. Over the past decades, millions of tonnes of industrial and mining waste have accumulated in our country. Naturally, it is harmful to nature and people and creates problems.

I propose considering the launch of special projects to extract valuable components from this waste. The appropriate technologies are available, and all we need is to use them. That way, businesses can simultaneously generate revenue, help eliminate accumulated environmental damage and stimulate the development of domestic research and the manufacturing industry, as well as contribute to improving the environmental situation.

Colleagues,

The development of new production, high-tech, and service sectors, along with the expansion of economic activities – these are all elements of structural changes in Russia’s economy.

In this regard, the second key focus of our actions, which I will address today, concerns the new quality of the investment climate. Essentially, we are talking about a fundamental minimisation of business costs for entrepreneurs across all areas – from construction and utility provision for new projects to ongoing operational activities, including all forms of accounting and notarial services.

Here we are working in close cooperation with the regions, business circles, and experts. Together, we are ensuring that business and investment activity grows across the entire country, in every city, town, and locality.

Let me remind you of our target: the volume of investments in fixed capital in Russia should increase by no less than 60 percent by 2030 compared to 2020.

The Government has already launched a system to support investment in the regions. It provides comprehensive, end-to-end support for investors, right up to a facility’s launch, with access to all support mechanisms, including tax benefits and deductions.

We will carefully monitor this practice, make adjustments based on business feedback, requests, and needs, and, of course, learn from the regions that are leaders in raising investment, scaling up their successful experience and best practices.

As is tradition at our forum, I would like to share the results of the national investment climate ranking, maintained by the Agency for Strategic Initiatives. The ranking now covers more indicators – 82 compared to 70 previously – meaning it has become more detailed, thorough, and consequently more informative.

Russia’s capital, Moscow, continues to lead this ranking. It is followed by the Republic of Tatarstan and the Nizhny Novgorod Region, which showed the highest index growth this year. Both regions share second place with equal scores. Moreover, their current investment attractiveness parameters exceed those of Moscow in the previous year.

What does this tell us? That the benchmark for leadership is constantly rising. In improving the investment climate, we cannot stand still – we must always look ahead and set new targets.

Third place in the ranking goes to the Moscow Region and the Republic of Bashkortostan. In total, 57 regions improved their composite index over the past year. Special mention goes to the Chelyabinsk, Tver, Smolensk and Kaluga regions, as well as the Voronezh, Saratov, Sakhalin, Novosibirsk and Lipetsk regions, and the Altai Territory – they showed the highest growth rates.

I congratulate our colleagues, the regional teams, on these results and wish all regions further success in this important domain. Let us acknowledge their achievements.

(Applause.)

Thank you.

As I mentioned earlier, alongside supporting investments, we are improving the conditions for day-to-day business operations. As is well-known, this encompasses numerous tasks – from company registration to resolving insolvency matters.

The Government, together with entrepreneurs, industry experts, and specialists from the Agency for Strategic Initiatives, has launched a comprehensive initiative to develop a National Model of Target Conditions for Doing Business. While based on international methodologies – I emphasise – it takes into account our specifics and national development goals. This model should be finalised by September of this year.

What does this involve? Concrete, measurable changes that businesses can tangibly feel. For instance, by 2030, we aim to reduce by nearly half the time required for grid connection and decrease the time spent on preparing and submitting tax documentation by more than one-third.

The benchmark for the National Model is for Russia to rank among the top twenty business environments globally by 2030, subject to updated international methodologies, and to serve as an example for our BRICS partners and friends.

Above all, it is essential that the business climate allows us to expand and strengthen the foundations of our economy, rendering it both more resilient yet dynamic, with a focus on increasing the production of goods and services, as well as promoting them both domestically and globally – on international markets, for export.

I would like to emphasise that the competitiveness of our domestic industry, agriculture, services sector, and many other industries must be based on our own technological solutions.

This represents the third direction of structural transformations: Russia’s economy must become more technologically advanced. And this is not merely a desire – it is an imperative requirement of today, and indeed of tomorrow, a challenge that must be met if we aim to grow stronger. And we do.

We must fully unleash a new phase of the country’s technological development. The key instrument in this regard should be the national projects aimed at securing technological leadership. These were launched this year, and my colleagues and I have agreed that the measures under these national projects will be updated and expanded.

By 2030, combined public and private spending on research and development in Russia must increase to no less than two percent of GDP. Here, a special role is assigned to private business. Its investments in these areas must increase at least two-fold.

In this context, I would like to highlight the following. Nearly two dozen development funds and institutions are focused on supporting the technological modernisation of Russia’s economy. However, each of them has its own methodology and approaches. As a result, entrepreneurs have to process the same technical and other documentation in different ways.

On the other hand, it also occurs that development funds and institutions compete for the same projects. Yes, competition is certainly beneficial, but in this particular case, such “departmental” rivalry does not serve the cause – on the contrary, it diminishes the efficiency of financial and organisational resources.

Not long ago, we created a special working group under the Council for Strategic Development and National Projects chaired by head of Vnesheconombank Igor Shuvalov. I am asking our colleagues from this working group to analyse the technological activities of the development funds and institutions.

The objective is to eliminate overlapping functions, to coordinate the work of the development institutions, and to draft single requirements for business support procedures ranging from patent registration to the serial production of high-tech products.

Notably, over the past two years, the number of patent applications from domestic companies and research organisations has increased by 13 percent which is a good number. This includes growth in optical and computer technologies, consumer goods, and pharmaceuticals.

However, it is important to not only develop solutions, but also to quickly bring them to the market in the form of goods and services that are in demand both domestically and internationally and can improve quality of life and make life more comfortable and convenient.

We agreed that our colleagues from the Government will personally oversee the implementation of innovative technologies within their respective areas of responsibility and will fine-tune the regulatory framework to support experimenting, testing, and scaling of promising solutions.

Additionally, I believe the Government should compile an annual report on the dynamics of the country’s technological development. This report should assess the current level of technological sovereignty and breakthrough innovations in technological leadership, as well as the pace of their adoption across sectors of the economy.

Unfortunately, the current rate of commercialisation of inventions from the scientific and academic sectors remains low. For example, among small innovative enterprises created by universities and research institutions, only one in a hundred inventions reaches practical application. To reiterate, this number is too small and clearly insufficient. There must be more active cooperation between educational institutions, research institutes, and the business community. We must help them find each other.

We have a programme called University of Entrepreneurs. Within its framework, experienced businesspeople work together with students in specialised university-based workshops to develop cutting-edge technological solutions and products.

We already see the first results. More than 270 million rubles in extrabudgetary funding have been attracted to these projects, and the number of participating universities will double this year.

I am asking the Government to consider scaling up this mechanism and establishing collaboration across all stages from articulating a project idea to launching an independent business and creating joint ventures between scientific schools, universities, and companies in the real sector.

I have one more important point to make. It is necessary to expand the intellectual property market, specifically by expanding lending opportunities secured by patents and trademarks. These assets should become real business assets that help attract funding for creating or expanding production facilities.

By the way, Russia now has about one million active trademarks. Last year alone, Russian entrepreneurs registered nearly 77,000 new brands, primarily in the light industry, software, household chemicals, and some other products. That is a 12 percent increase over the last year, a solid and marked growth. We will continue to support new Russian brands. For instance, in a month, we will announce the results of the next round of the Rising Russian Brands contest (Znai Nashikh, or Proud of Our People) in Moscow.

A significant portion of applications to participate in this contest comes from small and medium-sized businesses, which especially need promotion and access to new markets. A small business, an individual entrepreneur, or simply a craftsman from a small town or village can now find customers for their products or services via marketplaces – something that was nearly impossible in the past. The audience and the customer base of such platforms is steadily growing, both in Russia and around the world.

Unlike most countries that depend on global platforms, Russia has good examples of successful domestic digital marketplaces. This is a real and meaningful achievement by Russian business, one that we can and should be proud of.

We will continue to create conditions that allow Russian digital platforms to grow and compete with international giants. A draft law has been prepared, which will be the first step towards building a modern regulatory framework for the platform economy. I am asking the State Duma to expedite the adoption of this draft law.

I should add that the digital platform sector also has its problems, including unfair business practices, violations of competition rules, and misuse of data. I am asking our colleagues from the Presidential Executive Office, together with the Government and industry representatives, to discuss these issues within the framework of the interdepartmental working group.

Please conduct a thorough analysis of the current regulation of traditional, offline retail operations that is brick-and-mortar stores, retail chains, and so on. Much of this regulation is now outdated: it was developed in a different technological era and simply does not correspond to today’s challenges and opportunities.

Lastly, marketplaces have access to a vast amount of market data, giving insight into the health of businesses. They understand what kind of support businesses need, whether it is advertising, product distribution, personnel recruitment, or access to loans.

It is certainly necessary to use these possibilities for developing small and medium-sized businesses across the country. I ask the Government to prepare proposals on coordinating and aligning information and other support tools for the promotion of business available to digital platforms and the state, including financial and guarantee mechanisms of the SME Corporation.

Further. Our own, independent solutions, including digital solutions, should be used to strengthen the foreign trade infrastructure. I mean logistics, insurance and payment systems.

We have already launched the state system of electronic carriage documents. All basic documents for cargo carriage by vehicles – the consignment note and the shipping manifest – can now be executed in electronic form. More than one and a half million such documents are issued every month.

We will adopt digital, platform solutions for the entire transport network of Russia, including road, air, rail, river and sea transport. In other words, we are talking about creating a National Digital Transport and Logistics Platform.

International transport arteries running across our country, including the Trans-Arctic Transport Corridor stretching from St Petersburg to Vladivostok via Murmansk, as well as others, will be developed based on such modern technological solutions.

As for payment infrastructure, we will keep on working hand in glove with our BRICS colleagues and create efficient, reliable and, I repeat, independent from external interference mechanisms and services.

In this respect, of course, the experience of our countries in creating and circulating digital national currencies is highly demanded. In Russia, the relevant pilot project has been underway for almost two years. All the basic operations have been tested, including opening and closing accounts, transfers between individuals and legal entities, and payment for goods and services.

Our present task is to make the use of the digital ruble massive among citizens, businesses and banks. I ask the Bank of Russia and the Government to accelerate the necessary procedures and set the deadlines for transition to a new stage of technological development in our financial area.

In this context, the fourth area of structural changes is bringing a new quality to foreign trade, both exports and imports.

The goal has already been set to increase non-oil-and-gas exports. To this end, we will develop relations with our partners, lift trade barriers, open new market niches, create infrastructure, and deepen investment cooperation.

Let me remind you that we agreed to develop long-term plans for cooperation with our key international partners. A good example of such an approach is the Strategic Interaction Plan with the People’s Republic of China, extending through to 2030. Similar plans, including one with India, are to be finalised in the near future.

We will continue implementing the International Cooperation and Exports national project. We will support initiatives from our international partners that use Russian technological platforms, which directly translates into increased demand for Russian technological solutions.

For example, in the coming years, major energy projects, including nuclear energy, mining and processing industries, will be implemented in the CIS countries, including Belarus, Uzbekistan, and Kazakhstan, as well as in Turkiye, Vietnam and a number of other countries. They are based on Russian technological solutions and involve Russian financial structures.

Increasing our non-oil-and-gas exports is just one of our foreign trade priorities. It is equally essential to systematically transform, change the structure of our imports – the products we purchase, while gradually increasing the share of labour-intensive goods and services that require significant labour resources, physical and manual labour.

Russia instead should focus on the production of more sophisticated, more complex goods and services with a high degree of automation and high added value, that will also contribute to improved quality of employment within Russia.

And of course, together with our EAEU partners, we will continue to fine-tune our customs and tariff policies in order to encourage the creation of new production chains and facilitate the transfer of advanced technological solutions to our countries. This will also help improve the quality of employment and create high-paying jobs here in Russia.

I ask the Government to join hands with businesses to conduct corresponding analysis and present their proposals on specific actions in this area in the following months.

Colleagues,

Russia’s finances, infrastructure, and the real sector of the economy are developing on the principles of technological effectiveness, flexibility, and the capacity for rapid response to external challenges, as well as to shifts in demand from our citizens and our foreign partners.

This approach is fully applicable not only to the civilian sector but also to the fields of defence and security, and to the activities of the defence industry. Our meeting has always focused primarily on economic development, economic growth, and the state of the economy. However, in today’s world, the boundary between the defence industry and civilian sectors of the economy is becoming increasingly blurred. In some countries, no such distinction exists at all.

The profound changes taking place in this area represent the fifth direction of structural economic renewal and, more broadly, the strengthening of our sovereignty. The key principles here are as follows.

First, technological effectiveness at every stage – from development and production to logistics, procurement, and supply to specific military units. It is necessary to continuously analyse technological and organisational innovations in the civilian sector and promptly apply them in the defence and security domains.

Wherever feasible, it is vital to achieve integration between the defence industry and the civilian sector, facilitating the production of dual-use goods – though in many cases, this does not require special measures, as certain items are dual-use by their nature – which are in demand in areas such as maritime and river technology, aircraft construction, the electronics industry, medical equipment manufacturing, agriculture, and beyond.

I would go further: we must move beyond the classification of companies as either exclusively defence enterprises or purely civilian ones. As I have just noted, the current trajectory is such that the most competitive actors are high-technology holdings capable of addressing both military and civilian tasks.

Second, the pace of change. Today, for global business leaders – including some of our own companies – the timeframe from concept to product launch has been reduced to quarters or even months. The period from production to consumer delivery is now measured in days rather than weeks. The defence and security sphere must adapt to these standards.

And of course, flexibility. This involves enhancing the role of commanders of military units and formations, as well as the heads of defence industry enterprises, including in decision-making – from maintenance and testing of new equipment and weapons systems to the development of effective tactics to achieve results. The importance of these levels is increasing.

I believe that colleagues in both the military and the defence industry sectors will agree with me on this point. It is also essential to establish a mechanism for the rapid spreading of such best practices. We are achieving this.

Fourth, economic efficiency in ensuring security and addressing defence-related goals. Compelling examples include the implementation of surveillance and monitoring systems using artificial intelligence, which has significantly reduced the number of offences, for instance, in Moscow. Additionally, the deployment of inexpensive unmanned aerial vehicles has proven effective in targeting expensive military equipment. We will, of course, take into account our own negative experiences. Everything is put to good use to make the necessary and correct decisions in our chosen area.

Overall, our defence industry has picked up a good pace. The enterprises have increased the output many times over and are mastering the production of new types of armaments and military equipment.

To reiterate, we will enhance combat capabilities of the Armed Forces on a new technological basis, modernise military infrastructure facilities, and equip them with cutting-edge weapons and equipment that have proven effective in combat conditions.

At the same time, we intend to develop military-technical cooperation with friendly countries. This includes not only supply or modernisation of equipment and armaments, but also joint developments, personnel training, and creation of enterprises and production capacities on a turn-key basis.

Colleagues,

Today, I have focused on five key areas of structural changes in the Russian economy. These tasks are the focus of existing national projects and state programmes. Their work must be constantly fine-tuned taking into account changes in the global situation and emerging opportunities.

I urge the Government to digitise and place under special control key indicators of structural changes in our economy, regularly monitor their dynamics, and adjust the measures we are implementing.

As I have mentioned earlier, the global economy is undergoing the most significant transformation over the past few decades. Countries around the world are increasing their capacities, reshaping the balance of power, and the economic landscape of the planet.

For example, in the early 21^st century, BRICS countries accounted for just one-fifth of the global economy. Today, this figure already stands at 40 percent of the global economy. Clearly, their share will continue to grow. It is a medical fact, as they say. It will happen inevitably, primarily due to the dynamic economies from the Global South.

This growth needs to become more sustainable and encompass as many countries as possible. To achieve this, a breakthrough development model is needed, one that is not based on the rules of neo-colonialism, where the so-called golden billion siphons off resources from other countries in the interests of a small group of the so-called elites. Not even in the interests of the people of these countries, but specifically in the interests of the elites.

If we look at how funds have accumulated, say, in the United States over the past decades, it was the elites who received the bulk of income. These are open data. Ordinary citizens and the middle class did not benefit from these windfall profits. This could be the basis for the ongoing changes, including in the political sphere.

We must strive to ensure that these changes are reflected in the quality of life of people in our countries, in research, education, technology, and infrastructure. These are the priorities that Russia has set for itself while implementing its own development agenda.

The strategic sectors and areas I have outlined today require stable, long-term capital inflows, including from international companies and investors. To ensure this, we need to create an open and equitable platform for global growth. This platform will bring together investment mechanisms, technological standards, financial and logistics services, trade instruments, and other solutions.

Let me reiterate: the task is not to modernise the outdated mechanisms of the era of globalisation – these have largely exhausted or even discredited themselves. Instead, we must propose a new development model, one free from political manipulations, one that takes into account the national interests of states. Naturally, this model must be focused on the needs of citizens and their families.

At the BRICS summit, which took place last autumn in Kazan, as I mentioned earlier, 35 countries – representing nearly two-thirds of the world’s population and half of the global economy – expressed a shared understanding of the approaches necessary for the future of the world.

Already today, BRICS countries are setting the benchmark in the development of so-called human-centric industries. The largest projects aimed at improving living environments are being launched. BRICS states are implementing large-scale initiatives in nuclear energy and aviation, in new materials and the IT industry, as well as in robotics and artificial intelligence.

Of course, special attention is being devoted to strengthening ties within BRICS. The mutual trade turnover of our countries has already exceeded one trillion dollars and will continue to grow.

All of this, in essence, constitutes the elements of a global growth platform, built on the key principles of BRICS: consensus, parity, mutual consideration of interests, and – most importantly – openness to all who wish to join this effort.

After all, the broader the circle of states involved in shaping and developing such a platform, the stronger and more effective it will be, and the greater the benefits it will bring to all who recognise their responsibility to future generations of their nations.

Russia invites its partners to contribute to shaping a new global growth model, to jointly ensure the prosperity of our nations and the stable development of the entire world for many years to come.

Precisely for this purpose, this year we held the Open Dialogue [The Future of the World: A New Platform for Global Growth] in Moscow, with representatives from over a hundred countries participating. We intend not only to make this format a regular one but also to build an entire ecosystem around it for discussing, refining, and implementing breakthrough ideas.

The global challenges facing the modern world undoubtedly demand a global response. Solving these problems on one’s own, let alone at someone else’s expense, is simply no longer possible – it is an illusion. Only joint action within frameworks such as BRICS and some other formats can ensure the progress of civilisation as a whole.

Thank you for your attention. Thank you very much.

Nadim Koteich: Mr President, thank you so much for the speech that actually set the stage for a very interesting debate after the rest of the speeches. I give the floor to the President of the Republic of Indonesia, Prabowo Subianto. The floor is yours.

President of the Republic of Indonesia Prabowo Subianto: Your Excellency, President Vladimir Putin, President of the Russian Federation,

Your Excellency, Prince Nasser bin Hamad Al Khalifa, National Security Adviser to the King of Bahrain,

Your Excellency Paul Mashatile, Vice President of South Africa,

Your Excellency Mr Ding Xuexiang, Vice Premier of the People’s Republic of China.,

Distinguished ministers, business leaders, ladies and gentlemen, participants of this forum,

I am honoured here today to be invited and to speak at this forum, the St Petersburg International Economic Forum 2025. This is a forum that combines and gathers leaders from the West, the Global South, the East, and where Eurasia meets.

Indonesia views this summit as an opportunity to forge strategic trust, an opportunity to make deals in an increasingly complicated geopolitical situation – deals that can benefit our shared survival and our shared success.

On this occasion, I would like to introduce myself. I am Prabowo Subianto, President of the Republic of Indonesia. I was inaugurated on October 20, 2024. This is my first International Economic Forum. So, I apologise if I am a bit nervous.

Indonesia is the fourth largest country by population. Every year there are five million new Indonesians arriving in this world. Every year, 5 million. That means every year a group of people the size of Singapore. In ten years, there will be ten Singapores in Southeast Asia. The size – I give this as an illustration of the size of Indonesia. This gives us great opportunity but also gives us great challenges.

Any leader of Indonesia must think how to feed five million more mouths every year, five million new school places, etc., etc., the hospitals, and more important, and most important, is the food. In my opinion, the duty of a government is first to protect its people. And to protect its people means to protect its people from hunger and from poverty and from the suffering from a challenging environment.

Therefore, when I took over the Government of Indonesia, my main priority was first, to achieve self-sufficiency in food. Number two, self-sufficiency in energy. Number three, to improve the education level of Indonesians to be able to compete in the challenging era of the 21^st century. And, fourth, to speed up the industrialisation of Indonesia.

Indonesia has been fortunate in being given by the Almighty Lord vast economic resources, but these vast economic resources, if not wisely managed, can actually be a curse to our people. We have vast forests. We have vast minerals. We have a lot of commodities that are useful for the world. But this has to be managed well.

Therefore, in my opinion, every country needs its own economic policy and its own economic philosophy. One of the big mistakes of many countries in Southeast Asia is that we tend to always follow the biggest and the most powerful power in the world. In the last 30 years we see the dominance of the neoliberal, capitalist, classical free market philosophy, which basically tends to be laissez-faire. And the Indonesian elite followed this philosophy. Therefore, in my opinion, we have not managed to create a level playing field for all our people.

There is vast growth. We have grown five percent continuously, especially the last seven years. Yes, 35 percent in seven years, but we have not managed to have this so-called trickle-down effect. The wealth remains at the top – less than one percent. This is not a formula for success in my opinion.

Therefore, my position is this. Each country must follow its own economic philosophy, the economic philosophy that is in tune and that can be accepted by each country’s culture and each country’s background.

Therefore, I have chosen the path of compromise, the path [that combines] the best of socialism and the best of capitalism. Pure socialism that we have seen does not work. It’s utopia. Pure socialism – we see many chances, and in many cases, people do not want to work. Pure capitalism results in inequality, results in only a small percentage enjoying the fruits of the wealth. But our path is the path of the middle way. We want to use the creativity of capitalism, innovation, initiative – yes, we need that.

But we need government intervention to overcome poverty, overcome hunger, to intervene and to protect the weak. Because there’s a danger in developing countries like Indonesia of what we consider the danger of state capture – the collusion between big capital, business and government officials, the political elite. In the end, the collusion between these two groups does not result in the alleviation of poverty and the widening of the middle class.

Therefore, we have chosen the philosophy which, in essence, and in simplicity, can be reduced to one sentence: The greatest good for the greatest many. That is our philosophy. Our Government must work to bring the greatest good to the greatest many, and in this case we have to have a clean Government, free of corruption. This, I think is the key to rapid development.

I am proud to stand here before you. In my seven months of administration, we have achieved an increase in rice and corn production of around 50 percent. This is the greatest increase in production in the aggregate in the history of the Republic of Indonesia. We have now in our government warehouses 4.4 million tonnes of rice, which is the largest reserve in the history of the Republic of Indonesia.

In just a few months of my administration we increased efficiency. We fight very strongly against corruption. We deregulate, we cut all the regulations which increase inefficiency. And we have seen the rapid results.

I believe that if Indonesia can play a good role, a positive role in international relations, for instance, our participation in BRICS – we thank the Government of Russia for supporting our bid to become a member of BRICS very fast (I think we were one of the fastest members to be accepted in BRICS).

Also, Madam President, former President of Brazil and President of the New Development Bank, we were also accepted as a member of the New Development Bank, also very fast. We thank also the Government of China for supporting us and the Government of South Africa. We believe that together BRICS can contribute significantly to stability and prosperity of the world.

I would like just to tell you a short story. It is not part of my speech, but I was asked why I did not attend the G7, but I attended the St Petersburg Forum 2025. And it’s not because I did not respect the G7; it’s because I gave my commitment to attend this forum before they invited me. That’s the only reason.

Please don’t read too much into the event. Sometimes political observers, they want to read: Is this a political statement, right? No. Indonesia, by tradition, [has always been] non-aligned, we respect all countries. Our foreign policy is very simple. One phrase: 1,000 friends – too few, one enemy – too many. We want to be friends with everybody. Only with friendship, collaboration can we achieve prosperity.

Thank you very much, President Putin, for inviting me. And because you invited me, I can be here today in this historic city, a city of heroism, a city of great patriotism, and as an amateur student of history, I follow the history of Russia and I know the significance of St Petersburg. I had the honour of attending the cemetery of the victims of the war a few days ago. Thank you very much for this invitation.

I have said many times at many forums that Indonesia has chosen the path of non-alignment. We consider that this world must develop into a multipolar world and is developing towards a multipolar world. The world of unipolar centrality is past. This is the trend of history. This is what's happening in front of us.

I value very much the leadership of Russia and also the leadership of China. I want to be very frank. In the present world, in the Global South, I think many from the Global South will agree with me, Russia and China have never had double standards. Russia and China have always defended the downtrodden, have always defended the oppressed, have always fought for the justice of all peoples of the world.

I say this from my heart. Indonesia wants to be a good partner and a strong partner. My experts tell me that in this first semester, our economic growth is more than five percent. Actually, it can really end up by the end of this year at nearly seven percent or even more. This shows that we have chosen the right path, and we are achieving our goals. I am very convinced that we will achieve our goals within a few years.

I have given the target: four years – self-sufficient in food. We are experiencing that we can be self-sufficient in food within this one year and we will be in a few years a net exporter of rice and corn. Also, now I have formed a sovereign wealth fund, which we call Danantara, which means the future energy of Indonesia.

This fund [aims] to protect the wealth of our children and grandchildren. The fund now has US$1,000 billion of assets under management. This year we have cash to invest of $18 billion. We want to work together with all strategic partners. We do not ask for assistance. We do not ask for handouts, we want to be a real partner, we want to achieve real prosperity together.

We are open for business. We invite all groups from everywhere, especially Russian entities. Before I was elected, I was an entrepreneur and I have good relations with Russian corporations. My brother has been active in this area for many, many years, I think more than two decades. We know Russian corporations and we would like to see Russia participate more in our economy.

I have mentioned our foreign policy. We have always been, and we will continue to be non-aligned. We thank Russia for helping us and for achieving the Indonesian – Eurasian Union CEPA, Comprehensive Economic Partnership Agreement. We have completed also negotiations with other groups: the block CPTPP, also with the European Union CEPA, and we also request to join OECD.

For us, the world and the planet are getting smaller. We will work together with you for peaceful collaboration, peaceful coexistence with all countries. We view with sincere regret, the escalation and increase of conflicts around the world, especially in the Middle East. We hope that all parties can come to a peaceful resolution as soon as possible.

I think, distinguished guests, I have come to the end of my short speech. I apologise if what I say is not what is expected of me, but what I say comes from my heart. Thank you very much.

Nadim Koteich: Thank you, President Subianto. I’m not sure if this is your first speech. It doesn’t look like it. Actually, you did a great job. Thank you so much.

I’ll give the floor to the representative of His Majesty, the King of Bahrain, for Philanthropy and Youth Affairs, National Security Adviser, Commander of the Royal Guard of the Kingdom of Bahrain and the honour guest of this year’s forum, Sheikh Nasser bin Hamad Al Khalifa.

The floor is yours.

Representative of His Majesty the King of Bahrain for Humanitarian Work and Youth Affairs, National Security Advisor, Commander of the Royal Guard of the Kingdom of Bahrain Sheikh Nasser bin Hamad Al Khalifa (retranslated): In the name of Allah, the Most Gracious and Most Merciful,

Your Excellency Vladimir Putin, President of the Russian Federation, a friendly nation of ours,

Your highnesses, your excellencies, ladies and gentlemen,

May the mercy and blessings of Allah be upon you!

First and foremost, I would like to express my deepest gratitude and appreciation to the Government of the friendly Russian Federation for the kind invitation extended to the Kingdom of Bahrain to attend this year’s forum. I would like to address special thanks to His Excellency, President Vladimir Putin, for his gracious invitation extended to me to participate in this important economic forum as an official speaker.

I would like to convey to Your Excellency greetings from His Majesty Hamad bin Isa Al Khalifa, the King of Bahrain, may Allah bless him, and from His Royal Highness Prince Salman bin Hamad Al Khalifa, the Prime Minister of Bahrain, may Allah bless him.

It gives me great pleasure to recall His Majesty’s visit to Russia in May 2024. During that visit he met with Your Excellency. This meeting was an important stage in the development of our bilateral relations, relations of friendship and our mutual desire to strengthen those ties. This is evidenced by the participation of the Kingdom of Bahrain in this year’s forum as well.

Ladies and gentlemen,

The economic policy pursued by the friendly nation of Russia under the leadership of President Putin is the main driver of stable economic growth of Russia. This policy plays an important role in developing strategically important sectors of the economy, particularly, power sector and industry. This certainly has a positive effect on the international investment climate.

Russia is strengthening its economic ties with the countries of our region and beyond it. It also significantly contributes to creation of new trade and economic opportunities and their use in the world today.

I would also like to remind you, I beg your pardon, I am a poet, I love poetry, I would like to recite the words of Alexander Pushkin from his famous poem, The Monument: “And I shall for long years be loved by all the nation because for noble passions with my lyre I call.” And this wise policy, similar to Pushkin’s words, is your policy to the people. This policy is not measured by numbers only.

Indeed, we are currently attending an economic forum, but this forum is not only about numbers, it is also about the hope that it ignites in people and has a big impact on us.

Ladies and gentlemen,

The Bahrain’s Vision 2030 strategy, adopted under the wise leadership of the Kingdom, defines the framework of our economic development. Vision 2030 is not only a strategy, it is a roadmap for building a sustainable future in its own right. Thanks to it, Bahrain has embarked on a reliable path leading to achieving an optimal balance between economic growth and sustainability. This roadmap allowed Bahrain to attract foreign investments and strengthen its own economic potential.

Various strategic initiatives have been introduced to develop all sectors of the economy and, in particular, the digital infrastructure. Based on the achieved results, the Kingdom of Bahrain has begun to develop a new strategy designed until 2050. And this concept is based on an innovative approach, digitalisation and diversification of sources of income. And this strategic reference point testifies to the Kingdom's desire to keep up with the changes taking place in the world.

Clearly, we need to develop constructive international partnership and ensure comprehensive balanced development. The priority role of human capital is the main prerequisite for our progress.

In Bahrain, we believe that investing in people is the foundation of progress, this is why our country supports strengthening public-private partnership. This is very important.

In this regard, initiatives aimed at training the country's young specialists and ensuring their entry into labour market are extremely important. And this, in turn, allows us to create a flexible economy capable of adapting to changes and challenges.

Bahrain has put a lot of effort in creating a well-developed infrastructure, which allowed our country to become a leading digitalisation centre in the region. This allowed us not only to make business easier today, but also to create a favourable environment for innovations and creativity in various fields.

Today, the digital economy is the basis of Bahrain's strategy to building a knowledge-based economy. On the other hand, strategic partnership with friendly countries, including Russia, is a pillar for the development of the business environment in the Kingdom of Bahrain.

Bahrain is developing effective ties with all international actors, which allowed it to become a stable and attractive economic centre for investment. Bahrain continues its policy of attracting foreign investments by creating appropriate legislative benefits to create a favourable business environment.

Ladies and gentlemen,

The Gulf Cooperation Council as of now is an example of business support and development of an investment sector in the region. We pay much attention to that. We assume that innovations and creativity are two extremely important components of sustainable economic growth. This is why we believe the St Petersburg International Economic Forum is an efficient platform for setting forth ambitious initiatives and expanding cooperation horizons for investors and businesspeople from different countries.

Investment is not just about attracting funds. It is also about sharing creative ideas for implementing creative projects to shape a sustainable economy. That is why great importance is attached to supporting innovations and businesses to accelerate technological progress.

I have to point out that stronger economic partnership creates a favourable environment for supporting SMEs which serve as a driver of the economic development. This requires joining efforts both internationally and nationally and opens up new horizons for investment opportunities and for strengthening cooperation among states.

That is why we are pursuing a well-thought-out economic policy so as to build different industries and businesses including those in the innovation sector. We face a task of building a truly creative and competitive environment opening up new spheres for trade and economic cooperation with friendly nations.

In conclusion I would also like to once again thank you, Your Excellency President Putin, for your kind invitation and the excellent organisation of this forum. It testifies to Russia’s sincere desire to strengthen the international economic dialogue.

We consider the St Petersburg International Economic Forum an important platform for expanding our partnership with friendly nations, primarily Russia. We advocate cooperation for the sake of sustainable development which is in line with our Bahrain’s Vision 2030 concept.

Peace be upon you, as well as mercy and blessing of Allah.

Nadim Koteich: Thank you, Sheikh Nasser.

The address by the Vice Premier of the State Council of the People’s Republic of China Ding Xuexiang.

The floor is yours.

Vice Premier of the State Council of the People’s Republic of China Ding Xuexiang (retranslated): Mr President Putin,

Participants in the St Petersburg International Economic Forum,

Ladies and gentlemen,

Friends,

I would like to thank you for the invitation to participate in the 28^th St Petersburg International Economic Forum, which gained a very important subject this year – Shared Values: The Foundations of Growth in a Multipolar World. First and foremost, allow me, on behalf of the Government of China, to express my most heartfelt congratulations on the successful opening of the forum.

Ten years ago, President of the People's Republic of China Xi Jinping addressed the 70^th session of the UN General Assembly, noting that peace, development, equality, justice, democracy and freedom are universal human values and a noble goal of the United Nations.

Peace, as such, that will be able to overcome the differences between nations in terms of national or ethnic origins, social structure and ideological thinking, unite the whole world around the community of the common destiny of humankind. This received the broadest support and positive responses from the international community.

Actions of unilateralism and protectionism are intensifying, hegemony, dictate and harassment are rampant, geopolitical conflicts are escalating, and various risks are predetermined against the backdrop of rapid changes taking place in the world, which we have not seen for a century. Humanity is facing many common challenges.

Once again referring to important statements by President Xi Jinping, we consider it necessary to firmly adhere to universal human values, implement the concept of the Community of Common Destiny for All Mankind, implement initiatives of global development, global security and global civilization, and jointly promote establishment of an equal and orderly multipolar world, inclusive and universally accessible economic globalisation for the sake of a peaceful, secure, prosperous, progressive future of the entire world.

In this regard I would like to share the following ideas.

First. Global governance should be based on principles of joint consultation, joint construction and joint use. International affairs require a collective solution through dialogue. The fate of our planet must be managed by all states of the world, without exception. Genuine multilateralism should be adhered to, equal rights, equal chances and equal rules should be granted to everyone.

Eighty years ago, China, the Soviet Union and other countries of the anti-Nazi coalition won the Second World War at the cost of the lives and blood of their people, laying down standards of centric multilateralism.

Now, eighty years later, it is important for us to reaffirm our commitment to goals and principles of the UN Charter, firmly defend the world order under the auspices of the United Nations and the world order based on international law, to defend the authority of the United Nations and international justice and to promote the creation of a more just and rational system of global governance.

Second. An open diversified global economy must develop through joint efforts of the entire world. The implementation of the 2030 Agenda is suffering from grave problems caused by anti-globalism.

In this situation we urge to be guided by principles of mutual benefit and joint development and take practical steps to uphold multilateral trade system and international trade and economic order, to promote re-organisation and simplification of trade and investment procedures for the economic globalisation to yield more to all the parties.

China is striving to resolve the issues of the global economy unbalance and inequality. It stretched out a helping hand to over 160 countries and set up high-quality cooperation with 150 nations within the Belt and Road initiative with numerous landmark joint projects. It established the Global Development and South-South Cooperation Fund and made a significant contribution to global development.

We will continue to deepen our cooperation with emerging economies and offer ever more opportunities for the Global South partners for the sake of joint modernisation.

Third. The world’s civilisations should complement each other. The progress of civilisations requires mutual enrichment. We must strive to develop civilisations in the spirit of equality, mutual complementation, dialogue and tolerance; we must respect their diversity and people's right to choose their own ways, implementation of values, and to stand firm against the new ‘cold war’ and any instances of ideological confrontation.

The Chinese people advocate for openness and tolerance, and the Chinese civilisation is calling for harmony while retaining differences, from holding a conference on dialogue between Asian civilisations to adoption by the UN General Assembly of a resolution on instituting International Day for Dialogue among Civilisations. The Chinese concept is gaining an increasing consensus in the world.

Together with all its partners, China is ready to assist each civilisation to flourish in its authenticity with their beauty and achievements to be enjoyed by everyone. We must fully promote universal human values while ensuring the interests of our people.

Fourth. It is necessary to uphold peace and development across the globe. Peace brings forth a development potential while development contributes to lasting peace. We have to assume responsibility for peace on our planet and through dialogue, strive for strengthening mutual trust, settling conflicts and ensuring security, facilitate political settlement of international and regional ‘hot spots.’

China is always carrying the banner of peace, development, cooperation and mutual benefit. It is ready, jointly with all nations and peoples advocating for peace and development, to pass the torch of peace from generation to generation for the sake of long-lasting peace and common security.

Ladies and gentlemen,

Friends,

China and Russia, as permanent members of the UN Security Council and the world’s leading growing economies, are trustful friends in the spirit of time-tested friendship and reliable, mutually supporting partners.

Last month, President Xi Jinping made a state visit to Russia at President Putin’s invitation and attended the celebrations of the 80^th anniversary of Victory in the Great Patriotic War.

The two heads of state agreed to further strengthen political trust and strategic interaction and jointly called for defending the results of the Second World War and international justice.

Together with our Russian friends, we will implement the important agreements reached by our leaders, play a more essential role in promoting multipolar world and global development as well as in improving global governance.

We have to comprehensively raise the level, dimensions and stability of China-Russia relations. While following the general cooperation trend, we must create, on the basis of the Belt and Road Initiative, together with the EUEU, an interconnected cooperation structure with high standards, effectively tap into the advantages of the resource base and mutually complement production structures of China and Russia, expand high-quality and mutually beneficial cooperation in the economy, trade, energy, agriculture, aviation, space, artificial intelligence and others, to continuously consolidate the material basis for comprehensive strategic interaction for the well-being of our countries’ peoples.

It is crucial to maintain close alignment on numerous platforms including the UN, promote the enhancement of the SCO and BRICS, facilitate the Global South’s engagement in global governance so as to shape a more just, rational and flourishing multipolar world.

Ladies and gentlemen,

Friends,

China is currently pursuing, on all fronts, the building of a powerful state and national revival through China’s modernisation.

This year, despite the unfavourable external conditions, the Chinese economy maintains a positive dynamics. Its GDP grew by 5.4 percent in the first quarter, which makes China the leader among the world’s top economies. I will specially highlight the progress in China’s foreign trade under very uneasy conditions which demonstrates to the whole world the incredible viability and resilience of our economy.

We will intensively pursue a more active macroeconomic policy focusing on supporting employment, businesses and the stabilisation of market expectations, advance predictable and high-quality development in response to unpredictability and utter volatility of external environment and contribute to sustainable revival of the Chinese economy. China will open up even more regardless of any changes in the external situation.

We are unswervingly promoting high-level openness including through its institutionalisation for the sake of creating a better business environment based on market, legal and international principles. We will be happy to welcome to China businesses from across the world. We are ready to share with you the opportunities of China’s modernisation and development.

The path to a multipolar world will be challenging but it promises us a bright future. I urge everyone to be guided by universal human values and jointly unlock the beautiful prospects of a multipolar world.

Thank you for your attention.

Nadim Koteich: Thank you, Mr Xuexiang.

The floor is now for the Deputy President of the Republic of South Africa Paul Mashatile.

Deputy President of the Republic of South Africa Paul Mashatile: Your Excellency, President of the Russian Federation Vladimir Putin,

Esteemed heads of states who are present,

Your Excellency Prabowo Subianto, President of the Republic of Indonesia,

His Highness Sheikh Nasser bin Hamad Al Khalifa, representative of His Majesty, the King of Bahrain,

His Excellency Ding Xuexiang, Vice Premier of the State Council of the People's Republic of China,

Distinguished ministers and deputy ministers, diplomats, business leaders, and fellow delegates,

Ladies and gentlemen,

I would like to begin by sending warm greetings from the government of the Republic of South Africa, especially from our President Cyril Ramaphosa and the people of South Africa.

This forum, now in its 20^th year, remains one of the foremost platforms for global dialogue on economic corporation, investments, innovation, and inclusive growth. It is therefore an honour to be given the opportunity to address this distinguished assembly at the St Petersburg International Economic Forum, to convey our vision for a more inclusive, sustainable and prosperous world.

The 2025 theme – Strengthening Multipolarity for Sustainable Development – is not only timely, but central to the moment we find ourselves in. I would like to assume that you will concur with me that the concept of multipolarity has become increasingly relevant in the current global landscape, which is constantly changing. It calls for cooperation, dialogue, and respect for diversity amongst nations to achieve shared goals.

The South African government is certain in its belief that the adoption of multipolarity may result in the achievement of sustainable development and economic prosperity for all nations regardless of their size. It is laudable that as I stand here, I can confidently state that South Africa and Russia are committed to a multipolar world order and actively interact in forums such as BRICS and the G20.

Our cooperation covers various sectors, including trade, energy, and technology. Our aim should be to deepen bilateral connections and shaping global governance. Russia has long played a strategic role in the global economy, not only as a major energy producer, but also as a key actor in food security, industrial technologies, and science-based innovation. It is one of the largest exporters of grain, oil and gas. It is also a rising presence in sectors such as space exploration, nuclear energy – particularly for peaceful purposes – artificial intelligence, and advanced manufacturing.

Importantly, Russia’s increasing orientation towards Asia, Africa, the Middle East, and Latin America is reshaping global trade routes and creating new corridors for commercial and developmental cooperation.

These reconfigurations are part of a broader trend: the steady emergence of a multipolar global economic architecture. Despite the real challenges posed by geopolitical tensions, sanctions, and fragmentation of financial systems, Russia has demonstrated resilience. It continues to foster deep integration with the Eurasian Economic Union, expand its partnership under the BRICS framework and strengthen bilateral and multilateral engagement with emerging economies.

Our country, South Africa, like many others, has also faced numerous challenges on its path to development. The extent, to which individuals feel connected and share a sense of belonging in society, has also been a significant challenge, particularly in the light of the country’s history of apartheid and persistent socioeconomic inequalities.

However, with tenacity, drive and a commitment to diversity, we have achieved enormous strides in reducing poverty, inequality and creating social cohesion. We recognise that sustainable development is more than simply economic progress. It is also about providing opportunities for all our citizens to prosper and contribute to society.

As we look to the future, the importance of the Global South in shaping international economic governance is undeniable. Africa, in particular, is fast becoming a centre of global growth. With the population projected to exceed 2.5 billion people by 2050, a rising middle class, and a youthful demographic dividend, the continent has a potential to drive the wave of industrialisation, digital transformation, and sustainable development.

Africa is not in search of handouts, rather, it is pursuing equitable partnerships. It seeks equitable access to markets, capital, knowledge, and technology. This is where global platforms like the St Petersburg International Economic Forum become crucial for us.

At the same time, the Global South is increasingly demanding a voice in decisions that shape global trade and finance. The collective call is clear: development cannot be dictated; it must be co-created. Africa and the Global South are not merely passive recipients of investments or aid: they are active architects of a new more just international order.

Ladies and gentlemen,

The St Petersburg International Economic Forum has evolved over the years from a primarily Russian and Eurasian platform into a global meeting for policy makers, economists, CEOs, innovators, and thought leaders. The St Petersburg International Economic Forum provides a space for emerging economies to shape global economic discourse, influence trade rules, and negotiate developmental priorities.

In this regard, South Africa supports the increasing inclusion of voices from the Global South at the St Petersburg International Economic Forum. We support the growing participation of delegates from Africa, Latin America, and Asia. It is essential that this platform not only reflects actively but actively amplifies the aspiration and strategic interest of developing economies.

The St Petersburg International Economic Forum’s value lies in its unique capacity to breach geopolitical divides and promote dialogue beyond the dominant narratives. It enables countries with diverse histories, economies, and political systems to find common ground in promoting trade, innovation, and sustainable development. In an era of growing polarization, the St Petersburg International Economic Forum is a vital pillar for pragmatic cooperation.

South Africa is prepared to contribute to the promotion of cooperation and collaboration among nations, in order to benefit all. We believe that a more equitable, prosperous, and tranquil world can be achieved through collaboration.

This year, South Africa has the privilege of presiding over the G20. We have prioritised issues like debt sustainability, global financial reform, access to technology, and inclusive economic recovery. We are championing the representation of Africa in global decision-making structures, including the full integration of the African Union into the G20 framework. We are also working to ensure that global economic policy aligns with the goals of Africa’s Agenda 2063 – the African Union’s blueprint for inclusive growth and sustainable development. It promotes industrialisation, connectivity, regional integration, and the African continental free trade area.

We offer a compelling value proposition to global investors and partners. We regard ourselves as a gateway to Africa, rooted in a democratic governance, a robust financial system and world-class infrastructure. Our institutions are strong. Our people are resilient. And our vision is clear. We aim to be a centre of innovation, inclusive industrialisation, and green growth.

Moreover, South Africa brings to the table decades of multilateral experience, a commitment to peace-building and development cooperation, and a bridge-building role between advanced and emerging economies. We do not merely seek partnerships – we offer solutions grounded in African realities and global aspirations.

In doing so, South Africa hopes to cement G20 priorities in African reality, ensuring that the recovery from global crises does not exacerbate inequality but rather creates opportunities for inclusive transformation. We are pushing for a new international development-funded agreement that resolves historical inequalities, whilst also preparing the Global South to respond to future shocks with resilience.

Speaking of resilience, we need to reinvigorate multilateralism. The multilateral order is under pressure, and economic nationalism is on the rise. At the same time, we face collective challenges that require urgent cooperation: climate change, energy transitions, food insecurity, global health disparities, and digital inequalities.

It is in this context that we must reaffirm the principles of mutual respect, sovereignty, equality, and solidarity. We must resist a return to protectionism and instead build a global trading system that is transparent, rule-based, and inclusive.

Developing economies must have greater representation in global-standing setting institutions. We must accelerate the reform of the World Trade Organisation, the International Monetary Fund, and other Bretton-Woods institutions to reflect contemporary global realities. Through strengthening multipolarity, we are able to harness the collective power of our nations to construct a future that is more sustainable for future generations.

South Africa is prepared to do its share in promoting international cooperation and collaboration for the future of all nations. The future is not being written in board rooms in the Global North alone; it is being written in the towns of East Africa, in the innovation corridors of Southeast Asia, in the minds and digital labs of Latin America, and the energy, agriculture, and science sectors of Eurasia.

The St Petersburg International Economic Forum is one of the few remaining global platforms where this future can be shaped in dialogue. Let us then seize the moment; let us invest in partnerships that are equitable and mutually beneficial. Let us pursue sustainable growth. South Africa stands ready to work with all partners gathered here to forge a new era of cooperation, shared prosperity, and enduring peace.

Thank you very much.

Nadim Koteich: Thank you so much for the heavily loaded speeches that will only make my mission more difficult.

I’d like to start with President Putin. The overarching theme of this years’ forum is “Shared Values in a Multipolar World”. This is a very high ambitions’ ceiling. What does Russia bring to the table on that regard?

Vladimir Putin: I attempted to convey this in my speech. It seems to me that everything that Russia is doing is aimed at uniting the efforts of all our partners, friends, and everybody who wants to work with Russia to address these global civilisational challenges.

And above all, we seek to make global development balanced and consistent with the interests of as many countries as possible, to shape a multipolar world order where members of the international community would agree with each other and create tools enabling them to find solutions even in most complex conditions – solutions that would benefit everybody rather than certain groups or associations, military or economic blocs.

It is my opinion that today’s meeting, this event, organised by Russia, as you know, serves precisely this purpose.

Nadim Koteich: Sometimes, Mr President, this effort to build a multipolar world seems like more of a resistance of an existing order, rather than a genuine, consistent, coherent effort to create a multipolar world that you’re talking about. Is it an objective-driven effort or it’s only resisting current unfavourable kind of order?

Vladimir Putin: To my mind – and I have already spoken about it on various platforms in the past – changes are occurring regardless of whether we facilitate these changes or not. These are objective global development trends.

In my remarks, I also stated, as I have stated repeatedly, including at the St Petersburg Forum last year, that changes in the world are of a fundamental nature, occurring due to the emergence of new economic leaders.

Look how the so-called G7’s share in the global economy has shrunk in recent years. It continues to shrink year after year. And look how the share of BRICS countries is growing.

This is an objective process, independent of any clashes or acute armed conflicts worldwide. This process has continued for decades. And when they claim that Russia has only recently pivoted toward relations with the Global South and Asia – well, this is incorrect. We made this decision long ago, in alignment with persisting global and objective trends.

Our colleague from South Africa has just said that Africa will soon have a population of 2.5 billion. You know, this is a hard fact. It will happen and nothing can stop it. What will all these countries, peoples and continents strive to do? To improve the well-being of their peoples. They will definitely strive to increase their economic and humanitarian potential. These are inevitable things that are happening to our civilisation.

Our task is to give this inevitable process a civilised framework and to undertake joint efforts that will not only accelerate these trends but also render them more balanced. This is to ensure that decisions are timely, most effective, and mutually beneficial for all participants in this transformation, including, incidentally, those nations that are gradually yet inevitably ceding some of their former positions in the global economy.

We remain willing to negotiate with them as well, prepared to seek common ground on all matters, if they genuinely want this. But should they insist on preserving their monopoly at any cost, should they cling to the instruments of colonial influence in global affairs, then they must reconcile themselves with the diminishing position they inevitably assume through such conduct.

This encapsulates the purpose behind all our efforts – both in the national dimension, with due account for our domestic and foreign policy, and in collaboration with our friends and partners.

Nadim Koteich: And obviously, they have the tools to cripple this endeavour that you just summarised, Mr President. 

So, I would ask President Prabowo of Indonesia. 

Indonesia has always walked a fine line, has always, as you mentioned in your speech, been a non-aligned state. But, as the world becomes more and more complicated, can Asian countries – ASEAN countries – stay non-aligned, or is this more and more not an option? Or a very narrow option, as we go forward?

Prabowo Subianto: Thank you. I think, in my opinion, it is not easy, but it is a line that we are determined to maintain. As I said, we respect all the great powers. We respect our neighbours. And we really believe that the only way for prosperity is collaboration, cooperation, and peaceful coexistence. And this is what we try to achieve. We want to maintain good relations, and we try to convince all parties that the only way forward in this is that this planet is getting smaller, and we cannot afford the rivalry that is going nowhere. Especially if it goes into confrontation. So, no, I am convinced that we have to maintain this path of non-alignment.

Nadim Koteich: Mr Vice Premier of China, China and Russia are building with others this new order in the world. But if you look last year, things started to ease up between Moscow and Washington; there is more dialogue between President Donald Trump and President Putin. Is this a source of concern for you and China? How do you see the developing relationships between the leading powers in the world?

Ding Xuexiang (retranslated): Thank you for your question.

First of all, I would like to state our firm position to President Putin and all forum participants, our friends. China welcomes the restoration of contacts between Moscow and Washington. Russia and the United States are two leading world powers and permanent members of the UN Security Council. It would be abnormal for them not to maintain contact.

The restoration of contacts between Russia and the United States – the revival of this cooperation – would benefit the entire world by fostering greater global stability and supporting world economic recovery.

China-Russia relations are deeply rooted in history. China and Russia are each other’s largest neighbours, and the friendly cooperation between our countries is developing very well. It is founded on mutual benefit, aligned with historical logic, the cultural traditions and strategic interests of both nations. The China-Russia friendship remains unsusceptible to external influences and is not directed against any third country.

Under President Xi Jinping’s and President Putin’s strategic leadership, China-Russia relations have reached an unprecedented level in history and stand strong and unbreakable like a rock.

As you said, global powers have significant influence over the world order and play crucial roles in its protection. President Xi Jinping has repeatedly urged, across multiple international platforms, that major powers should exercise appropriate responsibility.

As far as I understand, the global powers must, firstly, actively fulfil their international commitments and lead efforts to uphold the UN-centric world order, while adhering to the principle of sovereign equality of states, big and small alike, and safeguard international justice and equity, honouring their pledge to reject hypocrisy and promote greater predictability in global affairs.

China is a responsible global power, invariably serving as a stabilising factor amid international turbulence. We are ready to collaborate with all nations in advancing prosperity around the world.

This is my answer. Thank you.

Nadim Koteich: Thank you so much.

Sheikh Nasser,

Bahrain is a very unique country. You have very good, exceptional relations with Washington, yet you are here today representing your country and His Majesty as a guest of honour in the St Petersburg forum. This is a very unique feature. Those who know Bahrain would say that this aligns with the history of Bahrain as a trade hub, as a political bridge. But how are you manoeuvring and navigating a more and more polar world, with the set of skills and experiences you have in the realm of bridging between East and West?

Sheikh Nasser bin Hamad Al Khalifa: Well, you have mentioned briefly the history. Let me take you back nearly 5,000 years ago. The job of Bahrain where it maintained the between East and West.

So, I believe Bahrain, with its geographic position in the region and certain service in the world, we have no choice but to be the arms and the bridges between the East and West. We have no choice but to follow our wise leadership, not just in Bahrain, but in the GCC in total, where we all share a new state of mind: it is the so-called the single-issue alliance. By single-issue alliance, I mean “I do not get my nation, and we do not get our region sucked into wars. I might agree with you in ten points, but disagree in eight, or vice versa. So, we take every point into verticals, and we discuss them.”

And, most important is how do we build on this relation? How do we maintain our relations? How do we seek to a better future? I’d always say: Our past is not better than our present, but I am sure our future should be better than our present.

So, this is what we are doing. We have seen great leadership here with His Excellence President Vladimir Putin, where he showed a stable, long-lasting enduring vision where does he want to take his country and move forward. We do the same. We always say that. We plan for the next generations.

Nadim Koteich: Thank you, Sheikh Nasser.

Vice President,

South Africa is, as well, one of these unique historical experiences in Africa and on the world stage. You said something very interesting about the St Petersburg forum being one of the very, very few places where shaping the conversation around geopolitics and geoeconomics is happening through dialogue. That is a very solid conclusion in today’s world. I’d like you to elaborate more – what did you mean by that, and why? What makes this one of the few and unique places for such a dialogue?

Paul Mashatile: Thank you very much for that question. I want to start by saying I think we should thank President Putin for his great leadership ensuring that, particularly, countries of the Global South should have platforms to be able to collaborate, share ideas, come up with new innovative plans.

As I said earlier, in South Africa we’ve taken a position that we should not continue to go to others for handouts. We should not be queueing for aid, but we should focus on development. And that countries of the Global South can do it. We can see it. We are developing, we are getting stronger; and I think we should keep it that way. So that is why I was saying that the St Petersburg International Economic Forum is a great platform and thank you to President Putin for this leadership. We are with you.

Nadim Koteich: Let me bring the conversation from values closer to the conflict areas in the world.

President Putin,

Israel said that they…I mean, the statements are normalising the fact that a country might kill the president of another country. That is basically the conclusion of last week’s statements. Yes, Ayatollah Khamenei is not a head of state, but he has enough gravitas to be considered the head of state and to be protected by the articles of international law. But when we normalise the idea – no matter where you stand on Iran – when we normalise the idea of a country killing the president of another country publicly, what kind of new rules are being set? They are obviously contradictory to the kind of values you’re trying to put forward, isn’t that so?

Vladimir Putin: You know, our colleagues have already spoken here, and I am making notes for myself for future reference. For example, I have noted what you have just said. You said the following.

During the discussion with my colleague from the People’s Republic of China, I noted your statement: “The Russian Federation and China are creating a new world order.” Russia and China are not creating a new world order; rather, we are only giving it form.

The new world order is emerging naturally, like sunrise. There is no escaping it. Our role is to help shape its contours, perhaps clearing the way for this process to become more balanced and aligned with the interests of the overwhelming majority of countries.

We strongly anticipate that all nations will come to recognise and eventually understand – as I have previously stated – that this approach to finding a solution proves far superior to coercive pressure or the neo-colonial paradigm in which humanity has lived for centuries, if not millennia.

Nadim Koteich: Would you allow me, Mr President, to go back to the question about normalising the talk about a country killing the president of another country, in the case of Iran and Khamenei and Israel within this conflict. I mean, it seems that those who are making the new values are not the Global South, obviously, not Russia, not China, it’s the Israelis. Are you comfortable with that?

Vladimir Putin: While I would strongly prefer that the issues you raised remain confined to rhetorical discussions, I must nevertheless ask for clarification. What do you mean regarding Israel?

Nadim Koteich: I mean, the new values now is that one country is setting the rules for another country that who has or doesn’t have enrichment, for example. One country is threatening to kill the president or the head of that country.

Are these values defendable in any way?

Vladimir Putin: To me, there is nothing new about it. This is the first.

Second, and I wish to emphasise it, the Russian Federation has consistently advocated for guaranteeing every nation’s security without compromising that of any other state. This remains our principled approach.

This may sound like a generalised answer but let me assure you: it is the actionable policy of the Russian Federation.

Nadim Koteich: Allow me for a very direct question about the situation.

Donald Trump is seeking what he calls the total surrender of Iran in terms of the nuclear project. Would Vladimir Putin seek the total surrender of Vladimir Zelensky in the same way?

Vladimir Putin: First, these situations are fundamentally different. Second, our objective is not Ukraine’s surrender. We insist that Ukraine recognise the established territorial realities. 

Nadim Koteich: Sheikh Nasser, I’ll go back to you. You see, this conversation unveils the level of tensions on the global theatre. I will go back to the question about how GCC countries keep moving from one success to another, and Bahrain is one of these successful countries. Despite all of these turbulences, despite all of these flashpoints, in your close vicinity and globally, how do you do that, and what lessons can be drawn from that by others?

Sheikh Nasser bin Hamad Al Khalifa: Let me start by saying, ‘Praise the God’ for a wise leadership we have in our region. We always say, ‘the clever tries to solve the problem, but the wise avoids it.’ So, us in the GCC, and especially in your second home in Bahrain, I love that President Putin loved that quote, and you can use it, Mr President, no copyrights on that.

In our country, we talk numbers, we talk facts, we project our plans. As what we saw today from the President of Indonesia, this is a man who is expediting his KPIs by far. He thinks that he will reach in four years’ time that goal, but he reached it in one year’s time. We are sprinting in our region, and if you go back today, especially during that turbulent and eventful nights, look at the numbers, look at the numbers of our real estate, look at the numbers of our stock markets. There is a lot of confidence from the people, from the investors, with our leaderships over there.

Today, in that beautiful city, I sat with the top chairmen and CEOs of your top companies in Russia, and we exchanged the same vision, we exchanged the same purpose and the same spirit during these conflicts. We are only looking forward. We are only looking to de-escalate. We are only looking for a peaceful world. We are only looking for a better future. And, Mr President, we in the GCC and especially in the Kingdom of Bahrain, we live in a constant sunrise like you, but here we are literally in St Petersburg, every day there is a sunrise ahead of us. I still haven’t seen nighttime.

Nadim Koteich: Mr Vice President, as I mentioned earlier, South Africa has a very unique position in history in terms of how it evolved, in terms of how it fixed its wrongs and mistakes and then fixed its history. One of the things that came to my mind when I was preparing for this is the experience of de Klerk, the last president of the apartheid regime. The thing is that he made himself part of the change, and that saved South Africa a lot of blood and destruction and chaos. What lesson can be drawn from this history? When a regime or a state or an idea hits a wall, how can you advise these states or these regimes to change the same way South Africa changed?

Deputy President of the Republic of South Africa Paul Mashatile: Well, de Klerk is not a good example because he was defeated. He was forced to come to the table by the masses of our people. He didn’t come voluntarily. What we are saying is that leaders must recognise that we can resolve our differences through peaceful means but there are those who need to be directed to them, and I think the example of de Klerk is quite that. He was directed to the negotiating table by the masses of our people, and we were quite happy once he came. He had no option. He had to participate. He did try to portray himself like he’s Nelson Mandela. He’s not. He was directed there by Nelson Mandela to say, “We are going to negotiate peace,” and we want to continue to share this example with other countries.

We are quite involved now in the African continent, engaging in peaceful negotiations in South Sudan, in the DRC, and other places. So, yes, there is indeed value in negotiating, in discussions, but there are situations where the masses have to stand up, and they have to fight for their rights, and that’s what we did in South Africa.

Nadim Koteich: Mr President, you were shaking your head when we were exchanging this question. What are your thoughts on bringing adversaries to the table? Is defeat a prerequisite for dialogue, or we can bypass this phase and go to dialogue? And there are so many crises in the world that cannot afford a victorious end.

President of the Republic of Indonesia Prabowo Subianto: Well, I have to say here that Nelson Mandela is one of my greatest icons, my greatest hero. I think he’s an inspiration. He was put in prison for many years.

He was sentenced to death, threatened to be sentenced to death, accused of many things, and his famous statement was that he was willing to give his life for the principle of freedom. But the greatness of Nelson Mandela: when he got out of prison, he worked for reconciliation with his former enemies. So this is the greatness of Nelson Mandela, and this I try also to carry out in my domestic politics.

I reconciled with many of my former opponents. For instance, we had a very long rebellion, separatist rebellion in Aceh, very long, I think more than 30 years. But can you imagine that the former commander of the Aceh Liberation Army, fighting against us for more than 25 years, now he joined my party. He’s in my political party, and he’s now governor of Aceh, and I’m President of Indonesia. This shows that former enemies can come together, and I think this is the lesson of Nelson Mandela.

I want to say: I was a former soldier, and as a former soldier, I really know the value of peace and reconciliation. As a former soldier, I always try now, even before, I always try to negotiate. Negotiate, negotiate, negotiate. Better to talk than to kill each other. This is my position. Always talk, always negotiate.

Nadim Koteich: President Putin, on a more practical question concerning the crisis in the Middle East, now we will talk about Ukraine in a while, but the current crisis, it touches on geopolitics, energy, and it has repercussions that go beyond the parties involved in the struggle.

Is it a test for how the South can play a role in mending the fences between both countries, in putting some good imagination around the solution, architecting a solution that can be acceptable by two parties that are fighting, you know, head-to-head? Is this a test for what you are proposing and trying to create as political weight for the South? 

Vladimir Putin: Yes, I believe it is quite possible. Experience and reality demonstrate that many states of the region maintain in some ways complex and in some ways stable relations with both Israel and Iran. This provides reasonable grounds to believe – and indeed to hope – that the Global South collectively, and regional actors specifically, can exert influence to help put an end to this acute phase of confrontation.

When I said that Russia’s principled position is that no country’s security should be guaranteed at the expense of other countries’ security, here we have (without delving into detail, as the context is clear), on the one hand, Iran’s uranium enrichment programme, Iran’s legitimate right to carry out such activity, its right to peaceful nuclear energy development; and, on the other hand, there is Israel’s security concerns. I am convinced that a mutually acceptable solution can be found. Countries of the Global South, especially countries of the region, can undoubtedly have a positive influence on this process, on this search for solution. I believe such a solution exists.

Nadim Koteich: Actually, today, the Russian Ambassador at the UN said that the only way forward is a political solution for the nuclear file between Iran and the Israelis. Are there any preliminary points about the solution or are we still too fat from that?

Vladimir Putin: In such situations, it’s always better not to run ahead so as not to upset the process. That said, in my opinion, there are certain points of common interest.

We have set forth our position to both parties. As you know, we maintain contact with Israel as well as with our friends in Iran. We do have certain proposals involving Russia.

I must emphasise that we are by no means positioning ourselves as intermediaries. We are merely putting forward ideas. Should these ideas prove to be appealing to both countries, we will be simply pleased.

I will repeat, we maintain contact with Israel. As you are aware, not so long ago, I spoke with Prime Minister Netanyahu, as well as with the President of Iran and the President of the United States, who are certainly directly involved in these developments. I presented them with my vision and a potential path to resolving the situation. We will see.

Our proposals remain under discussion. We maintain near-daily contact with our Iranian friends, so we will see how the situation unfolds. I would like to see our ideas among those implemented.

Nadim Koteich: Sheikh Nasser, during the King’s visit to Moscow, he explicitly talked about the role of Russia in maintaining peace in the Middle East. It was an initiative His Majesty put forward during the Arab Summit in Bahrain, in Manama. He was very particular about the role of Russia in achieving that peace, as a pivotal role. What role do you think Russia can play now, in the current crisis?

Sheikh Nasser bin Hamad Al Khalifa: Yes, you are right. During our previous visit, and after the Arab Summit that was conducted in the Kingdom of Bahrain, we have called out for World Peace Forum to end and to reach to a solution with every conflict. His Majesty is a leader of peace. He drives his country towards peace and ending conflicts, and so is President Putin. As you have heard from the President just now, that he continues talking, no mediation. I believe that mediation will always confuse the situation, but any suggestion, any words of wisdom these days are mostly needed. Avoiding the escalation, I think, is the key word of today.

Nadim Koteich: Thank you, Sheikh Nasser. I’ll go back to President Putin about Ukraine.

How is the war in Ukraine reflective of the values that the St Petersburg Forum is trying to put forward, to defend, to underscore?

Vladimir Putin: It is very easy to explain. And it is directly related to what we said before, what I said before. I said that no country’s security should be guaranteed at the expense of another country’s security.

From the early 1990s and for decades, we received repeated assurances that by no means, never, under no circumstances, NATO would expand eastward. After that, we have witnessed five, or effectively six, expansion waves. Despite our persistent objections, these were ignored. This is the first.

Without doubt, these represent rudimentary manifestations of the old, or even centuries-old, neo-colonial policy upgraded to a certain extent in order to align with contemporary trends, while retaining its fundamental nature. These are exercises of power politics that disregard the legitimate interests of the Russian Federation. This is my general assessment.

Regarding Ukraine, all developments there similarly constitute exercises of power politics. What am I referring to? The bloodstained anti-constitutional coup in Ukraine. What did this represent? More power politics. The previous US administration openly admitted it had invested billions of dollars in orchestrating the coup. These admissions were made publicly, without any constraint.

Our objective was to protect the population that historically and culturally identified with Russia, the Russian culture and its people – specifically, the residents of Crimea. Subsequently, we attempted to settle the situation in southeastern Ukraine, particularly in Donetsk and Lugansk. We made attempts.

However, once again resorting to power politics, our ideological adversaries, so to speak, chose to impose a military solution in Donetsk and Lugansk – in Donbass. It was not Russia that initiated hostilities. Following the anti-constitutional coup, part of the population in southeastern Ukraine rejected both the coup’s outcome and the authority of its perpetrators. It was against them that military operations were first launched.

We made attempts to achieve a peaceful resolution and to put together broken pieces, but our so-called “partners” (let’s put them in quotation marks now), as it was further revealed, initiated the peace talks for one purpose only: to arm Ukraine and continue these hostilities.

Ultimately, we had no choice but to recognise the independence of these republics – Lugansk and Donetsk. For eight years we refrained from such a decision, persistently pursuing diplomatic solutions. But eventually, we were forced to recognise their independence and extend our support, including military assistance, in order to end the war launched by our Western adversaries and by those whom they relied and continue to rely on now in Ukraine – the radical nationalists and neo-Nazis.

Therefore, responsibility for the tragedy in Ukraine lies not with Russia. It is the responsibility of those who refuse to reconcile with the global changes in the world.

Nadim Koteich: Mr President, I am in no position to challenge the narrative you put forward. Let’s say this is the baseline of what the reality is. Let’s assume this is the reality. Your army is advancing beyond the four areas that are considered Russian by Moscow. So, what is your endgame? How is your army going to go and for what effect?

Vladimir Putin: You mentioned the regions in Ukraine that we regard as part of Russia. I have stated on numerous occasions that, in my view, the Russian and Ukrainian peoples are essentially one people. In that sense, we see Ukraine as ours.

However, we also recognise the realities on the ground as they evolve. There are many individuals in the neighbouring country who are committed to asserting their sovereignty and independence, and we respect that. In fact, we have never denied the Ukrainian people’s right to independence and sovereignty.

At the same time, the foundation for Ukraine’s independence and sovereignty was clearly established in its 1991 Declaration of Independence, which explicitly states that Ukraine is to remain a non-aligned, non-nuclear, and neutral state. It would be constructive to revisit these core principles, as they formed the basis upon which Ukraine gained its statehood. That is the first and most fundamental point.

Secondly, from the very outset – when the conflict had already escalated significantly – we proposed to the Ukrainian leadership at the time that hostilities be halted immediately. We called for the withdrawal of Ukrainian forces from the regions where the local population had clearly expressed their desire not to remain within Ukraine, particularly in response to what they perceived as unconstitutional and anti-state actions. These people sought either independence or integration with Russia. Our proposals were rejected.

Furthermore, these are not purely political decisions, but rather the result of military logic. Military commanders assess terrain – rivers, hills, ravines – and determine the most strategic paths to advance while minimising casualties and achieving their objectives. As a result, the dynamics of military operations naturally lead to the presence of troops in various territories. There is an old saying, not quite a proverb, but a long-standing principle: wherever the foot of a Russian soldier steps is Russian land.

I do not want this to sound militaristic. But the truth is – and I want to emphasise this very clearly, as it is absolutely sincere – at every stage of the unfolding events, we proposed dialogue. We consistently urged our counterparts in Ukraine to stop and engage in negotiations.

We said: “Let us talk now, before the situation deteriorates further. Continued reliance on military action alone risks leading to more difficult circumstances, after which any negotiations would have to take place from a much less favourable position for you.” This scenario repeated itself more than once. I will not go into the specifics at this moment.

There are well-known political figures from other countries – thankfully still alive and well – who can personally attest to our repeated proposals to halt hostilities. On several occasions, after hearing our suggestions, they would leave Moscow for Kiev, but later on they would tell us: “We’re being accused of acting as Kremlin agents. That’s it, we are stepping back and will no longer be involved.”

Each time, the response we received was a firm “no.” And we warned: if this path continues, the consequences will be more severe. Still, they refused to engage. Why? Because certain actors, particularly in Europe, still operate with outdated, neocolonial mindsets. They believed that they could easily exploit the situation to their advantage by weakening, destabilising, or even dismantling Russia, all in the hope of reaping strategic or economic gains.

I am sure that this is why former Prime Minister Boris Johnson – undoubtedly at the urging of the former US administration and Mr Biden – travelled to Ukraine and advised against reaching any agreement with Russia. Yet the agreement was already on the table. During the negotiations in Istanbul, as I have said before, we had reached an almost complete consensus on nearly every issue. All that remained was to finalise the accord. I was prepared then to meet with the head of the regime and finalise it.

But no, they had to send Mr Johnson, clearly with the support of the then Biden administration, to dissuade Ukraine from signing the agreements. Instead, they attempted to secure what they called a “strategic defeat” of Russia on the battlefield. The result? New territories came under our control. The Russian Armed Forces are now advancing daily along the entire line of contact.

Look at what they have done – they entered our Kursk Region. First, they lost 76,000 people there. That’s a catastrophe for them – 76,000! In the end, as we said, we pushed them out. But they started posing a threat all along our state border with Ukraine, in two other neighbouring regions as well.

What has this led to? They already lack manpower, and now we’ve had to establish a security zone along large sections of the border, forcing them to divert troops – troops they can’t spare – from critical parts of the frontline.

I have said it before: combat units are only 47 percent manned. Just 47 percent. They are losing combat capability. And on top of that, they have stretched the line of contact by nearly 2,000 kilometres. We already had a 2,000-kilometre front, and now they have created new threats along the border, adding another 1,600 kilometres or so.

They have spread their armed forces thin. From a military standpoint, it’s hard to imagine a more strategically flawed decision. They are creating problems for themselves, and we are forced to respond.

You mentioned “some other territories.” Yes, that’s true. But specifically along the state border, they entered the Kursk Region, committing multiple crimes against civilians.

We pushed them out, inflicting huge losses in the process. And now we must establish security zones along the border because they keep launching artillery and drone attacks. What is this?

Nadim Koteich: How deep is the security zone?

Vladimir Putin: In the Sumy Region, the depth of our operations ranges from 10 to 12 kilometres. Around 8, in some others 10 or 12 kilometres. Then comes the city of Sumy, the regional centre. We don’t have an objective to take Sumy, but I would not rule it out either.

Why are we doing this? Because they are creating threats for us, constantly shelling border areas. This is the result of their utterly reckless, unjustifiable actions.

The only goal was political: to demonstrate that they still can receive something from their foreign sponsors. They have already received nearly $250 billion. But no, it’s never enough. They want more and more – and on top of that, half of it is being embezzled, if not more.

That’s why we are now operating in these territories. This is the logic of how the confrontation has unfolded and what has driven it.

Nadim Koteich: Thank you, Mr President.

I will later go back to some aspects of your answer – mainly about the nuclear aspect of what is happening. But I would like to go back to the other participants.

Indonesia, Bahrain and South Africa are three countries actively deepening relations with Russia. From what I understood, this conflict, unfortunately, and I hope I am wrong, might go longer, might go for long. How are you planning to mitigate the fallout of this conflict in terms of secondary sanctions, in terms of political reputation in the world, and in terms of pressure coming from your other allies. This is a very complicated situation you do not want to be in in any way but that is the reality. I will start with you, Mr President.

President of the Republic of Indonesia Prabowo Subianto: I really do not understand actually your question. What secondary sanctions?

Nadim Koteich: I will make it simple.

Prabowo Subianto: In Indonesia, we are very clear that we have always been non-aligned. In the Ukrainian situation, I think, two years ago, we proposed an immediate ceasefire in place and, I think, at that time, the reaction from the Russian side was quite open, was quite positive, in fact. But the reaction from the Western governments… I have to be fair, not all Western governments but many Western media virulently attacked my proposal. They said I was proposing the peace of the cemetery. That was what many Western journalists accused me of. So we will always propose a peaceful solution.

And at the time, I reminded everybody that, in Korea now, North Korea and South Korea, there is a demilitarisation zone supervised by the United Nations. The war in Korea is officially not yet over but there is a peaceful condition. So, that was what we proposed, to save the people of Ukraine on all sides – the people of the Russian-speaking areas. Just to save them. A cessation in place. We are far from the place but we want to promote a peaceful solution. So, I do not understand, who is going to impose sanctions on us?

Nadim Koteich: Sheikh Nasser, same question about the secondary sanctions on the friends of Russia. Let’s agree that this is part of the reality of the international dynamics and people take care of that, pay attention to that. How are you navigating this in terms of sanctions, in terms of reputation as well?

Sheikh Nasser bin Hamad Al Khalifa: Well, you mentioned it, the friends of Russia, but also the Kingdom of Bahrain, being the friend to the world, the link and the bridge between conflicts. We have always opened our arms as a…

I would never say that we are neutral. Neutral means siding with one side or another. I would say that we are peacekeepers, peace seekers. We are opening our arms. Bahrain is a platform for peace talks. So, what we try to achieve all the time by the guidance of His Majesty is we will always welcome – and you remember, Mr President, we actually offered that Bahrain is always ready for whenever there will be peace talks in your conflict then we are more than happy to host it.

So, if we can achieve that, then definitely we are benefitting something that we secure the world’s interest. Because, at the end of the day, with this conflict and what is happening from left, right and centre, I do not see any benefit out of it. I do not see one side as a loser and the other side as the winner. No one is going to get out of this victorious if we keep looking at the event-driven prospect of that whole image. But what we look for is how we can end up with a solution that is foresight in the future that builds our economy, that secures our generations, and how will we look and how will our world look in the next generation?

So, these are difficult questions to answer today because this is all in the future. But all that I know is today. If I go by every sunrise again, knowing what is happening today and what I see around me today, people are readjusting, people are reshuffling and people are expecting that, hopefully, with the leadership and the wise leadership of Mr Putin, something beneficial is going to happen.

So, I am an optimistic person. I look at these opportunities for my nation and for the better to everyone. So, if we seek together how we can bring these issues into solutions then we are on the right path. If we are not thinking this way, then we are definitely not thinking of a solution.

So, at the end of the day, let’s not get deep into these issues but let’s think forward and let’s readjust our posture of today and then this will shape our future together forward.

So, this is our navigating track, I think.

Nadim Koteich: Excellent. Mr Vice President, same question for you.

Deputy President of the Republic of South Africa Paul Mashatile: We are already facing tariffs as we speak. So, if we are going to face secondary sanctions, it is something that we have to deal with.

I did say earlier that the road to multipolarity is not going to be easy. All the things we want to do to ensure equality in the world, not being dictated upon, those things are not going to come easy. But it is always important that, in times of difficulty, friends must stay together, so that we face the challenges together.

I want to recall here the famous words of former president Nelson Mandela. In times of difficulties, when others tried to say, “Why do you go to this country?” He said: “We are not going to be dictated upon who our friends should be. We choose our friends, we work with our friends even in times of difficulties.”

So, the countries of the Global South must work together. We are already working together. We will face this challenge together, and I am sure we will succeed.

Nadim Koteich: Mr Putin, your satisfaction with the answers cannot be hidden in any way. Any comments?

Vladimir Putin: Listen, first of all, I never doubted it would turn out that way. Not because someone wants to cause harm to someone, or say something nice to them. This is not what it is about at all.

We have circled back to the beginning of our discussion, when I said that global changes take place naturally like the sunrise, you see. Everything is connected to that.

What did you say? “Russia and China are shaping a new world.” We are not breaking anything, you see? That is the issue. We are not creating problems for anyone. The Vice Premier of the State Council said, “The China-Russia friendship … is not directed against any third country.” That is true. That is exactly how it is. We are just formalising what is happening in the world naturally. It will happen anyway.

To bend under the pressure of those who want to preserve the old rules means to fall behind. But overcoming all the difficulties, including tariff wars, sanctions, and so on, means moving forward. We are friends with and cooperate with those who want to move forward, who accept this challenge, and are ready for it.

Nadim Koteich: In a previous answer about Ukraine, you mentioned the nuclear aspect of Ukraine in a very subtle way. To be honest, I have read some reports, most of them are in Russian media, that there is an assumption that Ukraine might opt for using a dirty bomb against Russia. Do you take these reports seriously? Do you have intelligence that supports this kind of probability?

Vladimir Putin: First of all, it would be a colossal mistake on the part of those who we refer to as neo-Nazis on the territory of present-day Ukraine. It might even be their last mistake. Our nuclear doctrine, common sense, and the way we operate in real life indicate that we always respond to threats posed to us in a symmetrical manner. We always respond and always symmetrically.

Therefore, our response would be extremely tough and, most likely, catastrophic for the neo-Nazi regime, and unfortunately, for Ukraine itself. I hope it never comes to that.

Nadim Koteich: From the tone of your answer, I can conclude that you take these reports seriously. Is there evidence supporting these reports? Like intelligence evidence?

Vladimir Putin: No, thankfully, we have no confirmation of any such intentions. However, we operate on the premise that someone with a sick imagination might come up with such ideas. I believe I have provided a comprehensive answer with regard to our potential response.

Nadim Koteich: You absolutely did.

We were talking about friendship a while ago and the friends of Russia in this panel. I would start from South Africa, then Bahrain and then Indonesia. And if China would love to comment on that, the floor is open.

Are you surprised that a friend of Russia, Iran, is under attack and Russia did not step up to help that ally? This is at least one of the narratives in the media. Where is Russia in this conflict? As friends, are you surprised?

Deputy President of the Republic of South Africa Paul Mashatile: President Putin has already indicated that he has been in discussions with Israel and also in discussions with Iran on these matters, and offered solutions. We think that is the correct way to do it. So we are not surprised; in fact, we support that approach that he is taking. South Africa is one of the non-aligned countries. We always advocate for peaceful solutions of this conflict. Our president has already issued a statement in that regard, [saying] that there should be negotiations. And that is really the route that we are going to pursue.

Sheikh Nasser bin Hamad Al Khalifa: Well, let me make it simple to you. I like making things nice and simple. To prove friendship, if I can make a Russian laugh right now, then I am a good friend of Russia. I hear one over there that laughed, so that's more than enough.

Nadim Koteich: Mr President, before I go back to you, Mr Putin, [will you comment] on that question, please.

President of the Republic of Indonesia Prabowo Subianto: My position is the logical one: each country is responsible and will defend its own national interests. So, being friends is being friends, trying to cooperate and trying to help each other. But being friends does not mean that every country must [sacrifice] their national interests for another country’s national interests. So it will be the decision of every country to defend and protect its national interests. That is my position.

Nadim Koteich: President Putin, you are taking some notes on that, and I would add one aspect, if you allow me.

Vladimir Putin: We put everything down, mind you. Every step is documented, every single step. (Laughter.)

Nadim Koteich: Am I in trouble? 

Vladimir Putin: You will cope with them. And we will even help you. (Laughter.)

Nadim Koteich: So in Western media, there are reports saying the following, and I leave the opportunity for you to comment on that: actually, the Iran war is a good thing for Russia. First, oil [price] is up. Second, the West has one more problem on its table to take care of. And third, Ukraine is on the back burner, so all the news is on Iran rather than on Ukraine. How would you comment on that?

And what do you say for those who are saying that Russia is unreliable, a lie, because it did not step up for Iran?

Vladimir Putin: Those who promote narratives about Russia being an unreliable ally are provocateurs. They are provoking the situation. But it will not help them; they will not achieve their goals.

Because, first of all, conflicts only look similar. But as a former Defence Minister and to some extent a military conflict and an armed confrontation theorist – my distinguished colleague from Indonesia, who is now the President of that country – accurately noted – we have published his book on the art of war in Russian – “Every country is responsible for what happens within its borders.”

Now, regarding whether Russia is a reliable ally, or not. It has already been mentioned here that we must show certain solidarity, and that is true. But in every case, conflicts are, nevertheless, fairly unique.

I want to draw your attention to the fact that nearly two million people in Israel are immigrants from the former Soviet Union and the Russian Federation. Today, Israel is almost a Russian-speaking country. In modern Russian history, we have always taken that fact into account. That is the first point.

Second, we have traditionally had very good, trust-based, friendly, and allied relations with the Arab and Islamic world. Given that around 15 percent of our population is Muslim, we hold an observer status at the Organization of Islamic Cooperation. That is also a factor to reckon with. We must be mindful of these aspects.

We have friendly relations with Iran. First, we always fulfil our obligations – this also applies to the Russia-Iran track. We support Iran in its efforts to defend its legitimate interests, including its interest in peaceful nuclear energy. We have always maintained this position. Our principled stance on this matter and in this conflict has not changed.

Some say we should have done more. More in what sense? Launch military operations? We are already conducting military operations against those we see as opponents of the ideas that we defend, and those who pose a threat to the Russian Federation. Fundamentally, those forces are the same in Iran and in Russia. They are located somewhere in the rear areas, behind our backs. However, they are not the ones who are on the line of contact.

We have certain obligations, and we defend Iran’s right to peaceful nuclear energy not in words, but in actions. What does that mean? Despite the challenging situation surrounding Iran, we have built a nuclear reactor in Bushehr. We have signed a contract to build two more nuclear reactors. Despite the difficult situation, despite certain risks, we are continuing this work. We are not evacuating our personnel from there.

Moreover, relying on a certain level of relations with Israel and our improving relations with the United States, we raised this issue with Israel and President Trump. We will keep doing our work in Iran based on our view of Iran’s right to peaceful nuclear energy, and of us acting strictly within international law, and we request to ensure that our personnel remains out of harm’s way.

Prime Minister Netanyahu agreed with that, and President Trump promised to support our legitimate request. Does that not count as support of Iran? I believe it is direct support. In addition, we have adopted a particular stance at the UN.

I am deeply convinced that our position at the UN and elsewhere serves the interests of both Iran and the State of Israel.

Nadim Koteich: I would say probably enough with the politics, so one more question before you move to economy and other issues about AI.

The forum this year coincides with the 80^th anniversary of commemoration of the Day of Victory in World War II. Are you concerned that we are heading into World War III in any way?

Vladimir Putin: Yes, I am. I mean it. No irony, no jokes.

The conflict potential abounds and it is growing. Right under our noses – and this directly concerns us – there is a conflict that we are enduring in Ukraine. There are the developments in the Middle East as well. Without a doubt, we are very concerned about the events related to Iran’s nuclear facilities and potential ramifications.

Without a doubt, this requires us to not only focus on the unfolding events, but also to look for solutions, preferably peaceful, across all areas.

I mean it sincerely. This is one of reasons we have come together here.

Nadim Koteich: Vice Premier, back to you. We’ll talk more about economic endeavours now; it concerns you more than anything else as we agreed before at this panel. Sanctions are not only in the realm of politics or military. Some countries are even militarising education, militarising technology and innovation research. And this is a big worry for China, or it is a challenge that China takes very seriously. How are you mitigating that through the relationship with Russia and in the realm of your own sovereignty and decisions with other allies?

Ding Xuexiang (retranslated): Thank you for the question.

Let us take a look at the world in its entirety. Research, technology, and education are of great – unprecedented – importance for the progressive development of humanity.

All of that progress would have been impossible without cooperation between different peoples and countries, without mutual learning. That is why education, research, and technology are an indispensable factor for the further development of human society.

As you mentioned, lately – it is not a recent development – seven or eight years ago, certain countries started using diktat that was based on force. It has even come to the point where they obstructed international cooperation in research, technology, and education. This historical regression is causing serious damage to the sustainable development of humanity.

It is gratifying to note that China and Russia are making rapid strides and cooperating in education, research, and technology. One can safely say that our countries provide one of the best examples of cooperation.

Speaking about education, our cooperation is burgeoning across all areas, including student exchanges and language instruction, and has reached a very high level. Over 800 universities from our countries are forming 15 specialised university associations.

Speaking of the research and technology sector, we have created a joint institute for fundamental research and created top-of the-line joint laboratories. We are successfully carrying out joint mega-research projects and expanding mutual open access to research equipment. In other words, we have impressive results to show.

I believe that even without any particular “great power,” the world continues to move forward dynamically. Even without them, we would have made good progress. There is no need to worry about that.

China’s experience in recent years shows that the stronger the external pressure, the faster the progress and development. The Americans have been trying to block the development of our research and technology, and not just today or yesterday, they have been doing this for decades. But their attempts only make us stronger in the areas they are targeting. All current restrictions are doing is providing us with a strong incentive to pursue tomorrow’s development.

In May of this year, President Xi Jinping and President Putin held a productive meeting. They outlined new plans for advancing cooperation in education, research, and technology. I believe that once these agreements get implemented, they will further expand the scale of our cooperation and broaden its scope, especially in the fields such as artificial intelligence, low-carbon technologies, biotechnology, innovative materials, aviation, and outer space exploration. These are scientific and technological innovations. We will undoubtedly have an impressive package of achievements in these areas.

Our cooperation mechanisms are being improved. The governments of both countries are making every effort to promote cooperation in these sectors.

Thank you.

Nadim Koteich: Mr Putin, I listened very carefully to your speech and you mentioned investments, but it wasn't that clear about foreign direct investments. Where does Russia stand on that? Where do you stand on that? Do you still care about foreign direct investments? Do you see it as an opportunity or as a burden? Help us understand where Russia stands in this regard.

Vladimir Putin: We believe that private investment is what we need, and the Russian economy is unlikely to develop effectively without this. Well, this also concerns foreign investment in full measure.

We did not evacuate our investors (who worked here for a long time) from Russia, and we did not expel anyone from our country. Many investors quit of their own accord, suffering major losses. But our policy in this sphere has not changed.

Yes, in principle, our economic operators boast a sufficiently impressive investment potential, but we certainly welcome any foreign investment.

In the first quarter of 2025, fixed capital investment volumes soared by 8.7 percent. I know that certain problems facing Russia were discussed on the sidelines of the forum; this includes tensions linked with the high key interest rate, and investment will not be retained until the end of the year. Nevertheless, the Central Bank assumes that, in late 2025, the real economy will continue to borrow loans at 10–11 percent interest. We shall see how this works out. I would really like this to come true.

But we certainly welcome foreign investment, and we will do our best to create favourable conditions, so that our partners would feel comfortable here.

Our friend from Bahrain is present here. They have already reached an agreement with the Russian Direct Investment Fund on launching specific work. The first steps have been taken. These projects may not be very impressive, totalling about 15 billion rubles. We are working very actively with the United Arab Emirates in the field of sovereign funds. We are cooperating with Saudi Arabia and other countries. By the way, our partners and our friends did not make this decision yesterday or today; they made it several years ago. They trust their Russian partners and simply automatically (I would like to emphasise, automatically) co-invest in projects financed by Russia’s Direct Investment Fund – 10 percent.

They are doing this promptly, without inquiring about future results. This is a sign of their high trust, and we appreciate this very much. Later, they invest more and more. You should speak with Mr Kirill Dmitriyev who will provide the final statistics. This involes many billions of dollars.

It is possible to use this also through other sources and tools. We have virtually no restrictions for our foreign partners, in terms of applying their efforts and channelling their capital. I believe that this is a key trend in our cooperation.

Nadim Koteich: Having said that, there are two trends that I realised talking to Russian businessmen, either here or back in my country, UAE. A, there is a kind of rejection of buyback. You know, when the war happened, there were some foreign investments that were bought by Russians, and now these might want to buy back their investments.

Russia seems to be blocking that, because new Russian entrepreneurs bought and invested in these operations. The second trend that I realised is that people are a little bit worried about nationalisation. There are some nationalisation efforts taking place within Russia.

I heard, I mean, I read about one of the airports being bought back or even taken by force of court from the Russian owners. So, how do you see these two trends impacting the rebound of the Russian economy?

Vladimir Putin: Nationalisation cannot have a positive effect on Russia’s economic growth, and we realise that. As far as I understand, the case you mentioned is the case of Domodedovo Airport in Moscow.

I apologise for my language but the fuss surrounding this facility has persisted for quite some time. The dispute between the entities involved did not emerge recently. It has continued for many years before ultimately being resolved through judicial proceedings. This case has nothing to do with nationalisation.

Nationalisation is a process stipulated by law. We do not enforce this law or its provisions.

As I previously said during a meeting with the business community, in my opinion, the problem is that during privatisation, significant injustice occurred. Assets worth probably millions were privatised for a nominal price of one ruble. This is clear. From a standpoint of social justice, those decisions were far from perfect. However, it would be an even bigger mistake to reverse everything now.

Therefore, my opinion is, we must establish clear statutory limitations for such transactions and resolve this matter once and for all, conclusively.

The situation you described has nothing to do with de-privatisation.

Regarding the potential return of our partners, so-called “buyback,” several aspects also need careful consideration.

First, we need to identify which companies left our market, under what circumstances, and on what grounds. If some companies departed for political reasons, under the pressure from the political elites in their home countries, this makes them unreliable partners. Their withdrawal put their workers at risk of losing their jobs. This appears to have been the intended outcome. However, the negative impact was mitigated as Russian businesses took over management and filled the opening niches. Frankly, from this perspective, those decisions ultimately changed the quality of the Russian economy by enabling our business leaders to join the management of these companies or become owners.

However, where legally binding agreements exist that guarantee buybacks, well, Russian companies will have to honour these obligations. We support fostering reliable and stable business relationships, yet this has not always been reciprocated by all parties.

In light of these considerations, the Russian Government has received instructions to take action. I am asking members of the parliament to endorse the proposed regulatory improvements. It is necessary to ultimately decide on the return of international companies seeking to re-enter our market. We must support everything that benefits us.

To be continued.