Russian ruler Vladimir Putin failed to attract Western companies to this week’s St. Petersburg International Economic Forum (SPIEF).
This was reported by the Financial Times, Ukrinform saw.
It is noted that even Russia’s allies sent lower-ranking officials and businessmen to the forum, with the exception of Indonesia, whose president is attending at the event.
Putin is due to appear at the forum on Friday. He will be joined by Indonesian President Prabowo Subianto, China’s First Vice Premier Minister Ding Xuexiang, Bahrain’s Crown Prince Sheikh Nasser bin Hamad Al Khalifa, and South African Vice President Paul Mashatile.
The line-up represents the most high-profile group of world leaders Russia has invited to the conference since the start of its full-scale war in Ukraine, as widespread condemnation of the war and fear of a Western backlash have kept many of Moscow’s allies away, the newspaper said.
Meanwhile, Prabowo has vowed to strengthen ties with Russia even as other foreign powers shun Putin after his invasion of Ukraine. He is due to meet Putin on Thursday.
From a political perspective, Russia benefits from not being an exile in Southeast Asia. Given that Indonesia is the largest country in the region, it is important for Russia to show that it is not isolated, said Evan Laksmana from the International Institute for Strategic Studies.
According to the official program, only six of Russia’s 50 wealthiest businessmen are expected to attend the forum. Also among the participants are several close relatives of high-ranking Kremlin officials. For example, one session devoted to sports federations features the children of three of Putin’s oldest associates and the son-in-law of Russian Foreign Minister Sergei Lavrov, with only two athletes registered.
Nobody is discussing any investment due to unfavorable climate, including war, sanctions, slowing growth and constant inflation, while the main goal of the forum is to show Putin that the economy is not stagnant and that everyone is having a great time doing business as usual, said Alexandra Prokopenko, a research fellow at the Carnegie Berlin Center for the Study of Russia and Eurasia.
It is noted that, although the Kremlin claims that Western investors who wish to return to Russia if sanctions are lifted are showing interest, officials admitted on Wednesday that none of them have made any attempt to come back so far.
As Ukrinform reported earlier, due to the war in Ukraine, the growth rate of Russian industry fell 29 times against the fourth quarter of last year.
Photo: epa.eu
Source: Putin fails to bring Western companies to St. Petersburg forum - media
