Following the results of the PIEF 206 agreements were signed

In the course of the St. Petersburg International Economic Forum a total of 205 agreements, letters of understanding, frame protocols, as well as contracts were signed totaled Rb 293.6 bn.

Herewith, signed contracts touch the development of key sectors of the Russian economy and relate to cooperation both with Asian countries and traditional western partners.

Major part of the agreements and contracts referred to the resource sector of the Russian economy. Memorandum between Russia and Greece on the cooperation in construction in 2016-2019 of the extension of the gas pipeline "Turkish Stream" was a strategic one. In addition, gas contracts were signed between Gazprom and German company EON, Shell and OMV which referred to the development of gas transport potential in order to increase gas supplies from Russia to the European countries.

Part of the agreements are about the development of Russia's infrastructure. In particular, an agreement has been reached regarding the construction of a pedestrian bridge to the 2018 World Cup, on construction of Tourism Industrial complex 'Lenfilm-park' as well as launching an initiative with the Center for Nuclear Medicine of the Berezin International Institute of biological systems on creation of the Center for Proton Beam Therapy.

Regarding real sector of Russian economy, an agreement has been reached with Toyota to double car production to 100,000 units per annum. In its turn, Russian company FosAgro and Australian corporation Orica signed an agreement dealing with supply of emulsion explosives for subsurface mining and a contract for drilling and blasting.

Financial sector was not left alone, regarding this sector contracts were signed between the National Payment Card System and Maestro (MasterCard), Rosselkhozbank and UnionPay, Gazprom and UniCredit Bank Austria, as well as between Sberbank and SAP.

From the geography point of view, most significant results were achieved regarding cooperation with China. In the course of the Chinese delegation visit, 29 new contracts were approved for the amount of over $20bn. Projects deal with transport sector, timber cluster, mining of natural resources.

Most unexpected event of the Forum was business cooperation rapprochement between Russia and Saudi Arabia regarding energy complex. In particular, state corporation Rosatom signed a framework agreement on a project for the construction of 16 nuclear reactors for a sum of $100bn.

Yuri Zaitsev – Gaidar Institute researcvher