00:00Good afternoon, ladies, gentlemen, President Mirziyoyev, President Samia Suluhu Hassan, Vice President Hang Zheng, ladies, gentlemen, it is an immense
00:17pleasure to see this august assembly, this room packed with people.
00:23President Mirziyoyev and I have just exchanged our views, and he said the rumus packed, which is testimony to the
00:33interest caused by the St. Petersburg International Economic Forum.
00:38And I would like to welcome all the participants and guests here. Russia and St. Petersburg once again host leading
00:48leaders of companies, businessmen, experts this year from more than 130 countries with a view to building business contacts and
00:58creating new contacts.
01:01Our moderator has just given us a very high bar to which we should rise up, and I'm going to
01:08talk about. But before we came here, she said that the atmosphere is very good, and it was thanks to
01:16the organizers.
01:17So at the outset, I would like to thank the organizers of this forum, everyone who participated in the organization
01:26process. Thank you.
01:27The unique nature, the attractiveness of SPIF consists in this possibility of a frank dialogue on issues that are of
01:40interest to entrepreneurs, to whole industries and whole countries, and we're always open to those who are interested in working
01:47with other countries, those who stand ready to engage in mutually beneficial cooperation and equal footing.
01:56This approach, which consists in listening to one another, understanding the interests of one another, arriving at common solution, that
02:04is what harmonious path of development is all about.
02:09It also implies the opportunity to find solutions to the challenges the modern world is facing. We see that the
02:16energy markets are undergoing shocks. We see tensions provoked in certain regions. First and foremost, right now I refer to
02:24the Middle East.
02:25We see the short-sighted policies pursued by the European bureaucracy, which is accompanied by aggressive rhetoric and leads to
02:34further loss of Europe's position in the world economy.
02:37Moreover, it undermines regional as well as global security. As a matter of fact, the European elites are provoking chaos,
02:46and they are trying to plunge more and more countries into this chaos.
02:50These processes, they were not born of their own. This is the consequences of the fact that over the last
03:01decades, the world is undergoing the most profound structural transformation, which is not a transition from one stage to another
03:09of the cycle.
03:10The very paradigm of global development is shifting. What did we have in the past? What I want to draw
03:20your attention to is the fact that for decades, global development model was based around a restricted number of financial
03:29centers, technological solution, insurance and logistics hubs, rating agencies, as well as reserve currencies.
03:36And this architecture was portrayed as universal, as something that fits allegedly everyone and hence allegedly neutral.
03:48But as a matter of fact, it was increasingly often used as an instrument for political pressure and unfair competition
03:57when settlements, technology, logistics and sometimes even access to information can be switched off in the blink of an eye
04:06in order to punish those who choose to act in their own national interests.
04:12Basically, basically, this was a deliberately created system of dependence or system for taking someone else's resources out of them.
04:22Right now, the overwhelming majority of countries see that. And this is something that is seen by entrepreneurs, banks, industrial
04:30companies, farmers, as well as transportation companies.
04:35They see that their investment plans, plans to develop their business can face serious risks, that the external infrastructure they
04:43use can be turned against them.
04:47That is why countries begin to pursue their own technological solutions, building their own supply routes as well as institutions.
04:55Russia feels the full brunt of these changes. The pressure against our country remains, and yet the space for maneuver
05:07is growing.
05:08We see new partnerships, new financial and technological solutions. We are exploring more promising markets.
05:14Thus, Russia believes that the global changes are not just a threat. They also carry enormous opportunities, and to seize
05:24them, we are trying to act swiftly and pragmatically.
05:27I will reiterate, this current turbulence goes back to the fact that from a vertical hierarchical model which served the
05:38interests of a very small group of countries, the world is transitioning to a distributed, more comprehensive multipolar system.
05:47What am I referring to? The structure of growth is shifting in favor of new centers of development and the
05:54countries of the global south.
05:55With Kuliks, you see that very well, and this is not a declaration. This is objective realities, because the countries
06:03I am referring to see a growth of population.
06:06They see the birth of middle class, a surge in the industry and expansion of their domestic market, which means
06:14new cities are being built just as roads, ports, energy and digital grids.
06:20They built their financial, educational and scientific centers.
06:24I would like to say in that regard that the world is becoming more equitable, fairer, because economic growth is
06:32extending to a growing number of countries, giving billions of people who used to be on the periphery of the
06:37global economy new opportunities.
06:39Importantly, new centers of growth want to select their trajectory of development on their own.
06:45They want to get greater share of value added, build their own logos and standards as well as competencies.
06:53So if you look at the global GDP dynamics of the last five years, you will see that almost half
07:00of its annual growth, 49 percent, is accounted for by BRICS countries, whereas the contribution of the so-called group
07:08of seven is estimated at 18 percent.
07:13Just for your information, just for your information, I can tell you that in 2021, 2025, the global economy grew
07:21on average by 4.1 percent annually, 2 percent accounted for by BRICS and just 0.8 percent accounted for
07:32by the G7.
07:32And right now, the share of BRICS and the world GDP based on purchasing power parity stands at 40 percent,
07:40whereas the G7 share is less than 29 percent.
07:46So BRICS has already overtaken the G7, and it did so back in 2020.
07:53But this gap is increasing.
07:56This gap is expected to grow in favor of BRICS.
08:01But what are the sources explaining this process?
08:05This is due to the fact that BRICS is going to grow at a steadily greater pace.
08:12The pace is greater right now, but this trend is going to persist.
08:16The G7 is going to grow at best by 1.1 percent per year, whereas BRICS nations are going to
08:26grow by more than 4 percent.
08:28We are not the ones who say that this is the World Bank and the IMF that are saying that
08:34international institutions have to state this.
08:38Of course, it is more interesting to go there where the development is more dynamic.
08:43There is a possibility for building your production and selling your products.
08:48And that is why the center of the global trade, as well as the financial system, is going to shift.
08:55It is already shifting, and the strength is going to persist.
08:59For many years, most flows of trade, capital, and information were going through a handful of Western infrastructure hubs.
09:08Even when a good was flowing from one Eurasian country to another Eurasian country,
09:16the settlements, logistics, insurance, arbitration were all based on the institutions of third countries,
09:23which generated additional costs and created political dependence.
09:29Right now, international trade is becoming increasingly efficient.
09:34We see growth of supplies without intermediaries.
09:39Settlements and national currencies are expanding. New corridors are being set up.
09:44In Eurasia, I refer to the north-south corridor, trans-arctic transportation route,
09:49as well as links via the Caspian Sea, Central Asia, the Black Sea, and the Middle East.
09:54All of these projects and logistics routes are the emblem of modern development as well as future development.
10:03To cite an example and to show that the global trade system ceases to be centered around the West,
10:10I can say that over the last 25 years, BRICS' share in the world trade in goods has more than
10:18doubled.
10:19Last year, BRICS accounted for almost 25% of the world export,
10:24and this indicator continues to grow steadily.
10:29Inexorably, just as ancient BRICS trade is growing and it has exceeded 1 trillion US dollars per annum,
10:41a special role is taken on by the connected countries that are linking together markets, technologies,
10:50financial flows, financial flows, and the culture of doing business.
10:54And I'm not just referring to simple transit, carrying goods over certain territory.
10:59The most important thing is to ensure trust, logistics, settlements, legal clarity, and technological compatibility.
11:08Or due to a padreship.
11:08This is our secret heart of being a small businesses that are buildings,
11:09because we are building local businesses throughout the world.
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