On the 17th of June, 2011, Elvira Nabiullina, the Minister, has spoken at the official ceremony of opening of St. Petersburg International Economic Forum – 2011

Theses of the Speech

Of Elvira Nabiullina, the Minister, at the official opening ceremony

For PMEF-2011 (SPIEF-2011),

St. Petersburg, June 17, 2011

Dear friends!

I’m glad to welcome each and every of you at the International Economic Forum in St. Petersburg.

PMEF-2011 is held under the motto “Leaders of a new era”. Last year we discussed the crisis lessons. Nowadays the world elite consider the terms and conditions and opportunities for a new growth. As can be seen the developing economies have become the leaders of growth.

According to the experts in the nearest 10 years the growth rates of the developing countries will be 2.5-times higher than the growth rates of the developed economies. Recall that 10 years ago the emerging markets accounted for about 20 percent of the world gross product; and this share is expected to exceed 40 percent in 5 years. The world put a question: what kind of role the developed countries will play in the changing world? How their leadership will be achieved? As can be seen the vibrations of investors and political leaders take a turn for the better as the economic indicators improve, - but the crisis that took place two years ago is still on the agenda of all the governmental authorities and businesses as well. The world system is still characterized by a lot of imbalances; and it is important for us, to understand the significance of keeping the balance in the world; to estimate the new challenges we face to and the responses; to assess the problem of increase in fiscal deficits, government debts and global inflation.

We all know the real way out of the crisis is not only, and not as much as, the recovery of economic indicators. It stipulates the restoration of confidence; the confidence in government activities; the confidence in the efficiency of national institutions; the confidence in potential business partners that expands the opportunities to perform transactions and projects; the confidence in global institutions and global regulation. And the confidence is rooted in the successful transactions concluded.

My colleagues and I have arrived here, at PMEF-2011, by the first Russian flight of a new plane named “Sukhoy SuperJet”. It is the sign the Russian aircraft industry that have been traditional before to be recovered on the brand new basis, that is, on the basis of the international cooperation and participation in the global market.

This year was full of dramatic events that have an impact on the global economic conditions. To what extent a number of crises in the Near East, the nuclear crisis in Japan and the development in innovative technologies in the power industry will affect the world economy? We will go through all these issues here, at PMEF-2011.

We are going not only to discuss but also to demonstrate at PMEF-2011 this year; to demonstrate the potentials of Russia and the emerging markets; to demonstrate the economy, business and the public affected by the technologies, the Internet above all; to demonstrate the latest Russian developments ready to be commercialized. Russia is the 6th economy in the world in terms of purchasing power parity (PPP). Together with our colleagues in Kazakhstan and Belarus we have formed the new participant in the world trade, the Customs Union. To our opinion it results in strengthening the investment potential and contributes to the world trade liberalization.

The Russian economy turns to the other growth models. For the past decade the growth factors have been used up, and we know it well. Today we have the priority not to miss the new challenges, to realize all the risks and opportunities as well as all the possibilities of new economic processes.

I hope the discussions at PMEF-2011 will be interesting and useful, and the appropriate climate will initiate modern ideas in the policy and business. Thanks for your attention. Success to your efforts!