(VOVWORLD) - Russia is hosting the Eastern Economic Forum in Vladivostok from September 5-9, where Moscow will deliver a message that sanctions have changed relations between countries and destroyed old economic ties. Themed “On the way to a multipolar world”, the Forum will discuss developments in the Far East, the regional and global economy, international cooperation, overcoming current crises, and the new world order.
 Illustrative photo: CFP |
The EEF is an important international forum for building economic ties between Russia and other countries worldwide, assessing the economic potential of Russia’s Far East, and introducing investment opportunities in priority areas.
Toward a multi-polar world
This year's Forum is particularly notable as Russia is facing stiff Western sanctions against its “special military operation” in Ukraine. In recent years Russia has adopted a policy of pivoting to Asia, so the Forum will promote Russia’s proposals to Asian countries, using its resource-rich Far East to help realize the initiatives.
Russian President Vladimir Putin told participants that the theme of this year's Forum is particularly relevant. The outdated uni-polar model is being replaced by a new world order based on the fundamental principles of justice and equality, recognizing the rights of all countries and people on a sovereign path of development.
Since Russia launched its special military operation in Ukraine, it has been hit with numerous sanctions on top of the sanctions imposed in 2014, after it annexed Crimea. Moving toward a multi-polar, multi-centre world is an idea Russia has long nurtured.
 A meeting of donors at the Eastern Economic Forum in Vladivostok from September 5-9, 2022 (photo: sggp.org.vn) |
Opportunities for Russia to escape a difficult situation
Russia's economy has been struggling for six months against the West’s harsh sanctions. The Eastern Economic Forum is an opportunity for Russia to find solutions and reliable partnerships.
Looking eastward seems the most promising way for Russia to strengthen its economy. Its Far Eastern industries are being restructured, and Russian manufacturers there are upgrading their skills, building their capacity, and mastering new technologies.
Within the framework of the Eastern Economic Forum, an exhibition called "Far East Street" is being held, with the slogan "What have you done for Russia's technological victory?" and focused on reducing imported goods, increasing the technological independence of the Far East, and achieving food self-sufficiency.
One of the biggest challenges for Russia is its limited access to the world's technologies, which will hunt its own economic development, if it lags. Russia have to use its own resources to develop alternative technologies, while actively seeking cooperation from China, India, the Shanghai Cooperation Organization (SCO), and countries in the Eurasian Economic Union.
High on the agenda of the Forum are Russia-India, Russia-ASEAN, and Russia-Mongolia business dialogues, a meeting of the Business Council for Development of the Far East and China’s Northeast provinces, and an Arctic trade and investment conference.