The 28th St. Petersburg International Economic Forum (SPIEF), one of the largest economic events in Russia, concluded on June 21, 2025. The SPIEF focused on global and regional economic processes, market transformation, new technologies, the investment climate, financial policy, and people. The Forum is unique in terms of its applicable significance, since it is a platform where practical decisions are made, innovative large-scale projects are launched, real investment agreements are signed, and experts share their experience, forecasts, and strategic initiatives.

The Forum was attended by over 24,200 participants and media representatives from 144 countries and regions, including Russia. The largest delegations came from Indonesia (over 260), China (250), the UAE (over 120), Bahrain (over 80), and Saudi Arabia (over 80). The BRICS+ format (excluding Iran) was almost entirely represented, as were all BRICS partner countries. The number of representatives from ASEAN countries increased fourfold.

High-ranking officials who attended the Forum included: President of the Republic of Abkhazia Badra Gunba; President of the Republic of Indonesia Prabowo Subianto; Chairman of the Government of the Republic of South Ossetia Konstantin Dzhussoyev; Deputy President of the Republic of South Africa Paul Mashatile; Vice Premier of the State Council of the People's Republic of China Ding Xuexiang; Personal Representative of His Majesty the King of Bahrain for Charity and Youth Affairs Sheikh Nasser bin Hamad Al Khalifa; Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Haitham al-Ghais; and Secretary General of the Organization of the Black Sea Economic Cooperation (BSEC) Lazar Comanescu.

In addition, the Forum events were attended by more than 140 high-ranking foreign officials, including deputy prime ministers, ministers of foreign affairs, prosecutors general, and heads of international organizations and associations, diplomatic missions, and different cities and regions around the world.

The Russian side was represented by 38 high-ranking officials, 29 heads of federal services and agencies, and 83 leaders of Russia's regions.

The Forum brought together about 8,700 representatives of Russian and foreign businesses. It is worth noting that the number of business representatives from the US increased by almost a third. More than 3,600 Russian companies and 560 companies from other countries and regions were represented at the Forum. It was also attended by some 2,800 senior executives from Russian and other global companies.

Guest country

This year, Bahrain was granted the honorary status of the SPIEF guest country. The country's representative delegation was headed by His Highness Sheikh Nasser bin Hamad Al Khalifa, Representative of His Majesty the King for Humanitarian Affairs and Youth Affairs and Commander of the Royal Guard. The delegation included about 80 representatives of Bahraini government agencies and the private sector. At the Forum, Bahrain hosted a national pavilion designed to showcase the country's investment potential in finance, tourism, technology, and sustainable development. At the opening ceremony of Bahrain's national stand, Bahraini Minister of Industry and Commerce Abdulla bin Adel Fakhro stressed that Bahrain views its participation in the SPIEF as a strategic opportunity to intensify cooperation in such areas as industry, transport, digitalization, food security, and investment.

Agreements

At the Forum, a total of 1,084 agreements were signed for over RUB 6.481 trillion ($82.76 billion, excluding agreements with confidential amounts).

The biggest agreements were:

• NatsProektStroy Group and VEB.RF Development Group signed an agreement on the investment of roughly RUB 1 trillion in the portfolio of specific promising projects during the period until 2030

• Russian Railways and Alfa-Bank signed an agreement on a credit facility with a limit of up to RUB 400 billion that will be used to finance investment projects for the development of railway infrastructure, including the acquisition, repair, and modernization of fixed assets

• The City of St. Petersburg and United Shipbuilding Corporation signed an agreement on the reconstruction of the Severnaya Verf in St. Petersburg. Roughly RUB 300 billion will be invested in the construction of the new shipyard by 2030

• The Krasnodar Territory, Technopromexport (Rostec State Corporation), and the Krymsky District Municipality signed an agreement on the construction and expansion of power units at the Udarnaya Thermal Power Plant. Total investment in the construction and expansion of the plant will amount to more than RUB 200 billion

• The Leningrad Region and IvaMaris signed an agreement valued at RUB 197.7 billion on the construction of a gas chemical plant in the Kingiseppsky District of the Leningrad Region (near the port of Ust-Luga), which aims to strengthen the region's industrial infrastructure

Plenary session

The key event of the Forum was the plenary session, which was attended by Russian President Vladimir Putin, President of the Republic of Indonesia Prabowo Subianto, the Representative of the King of Bahrain for Humanitarian and Youth Affairs Sheikh Nasser bin Hamad Al Khalifa, Chinese Vice Premier Ding Xuexiang, and Deputy President of the Republic of South Africa Paul Mashatile.

Vladimir Putin spoke about the development of the Russian economy, international economic cooperation, and adaptation to the challenges of a multipolar world. "The global economy is undergoing the most large-scale transformation in recent decades. The countries of the world community are boosting their potential and altering the balance of power and the entire economic picture of the planet. Whereas in the early part of the 21st century, BRICS countries, for example, made up a fifth of the global economy - only a fifth, today they already account for 40 percent of the global economy. And it is obvious that this proportion will only continue to grow. This is, as they say, an undeniable fact that will happen inevitably, primarily due to the dynamic states of the Global South," the Russian president said.

Global Times