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Global economy: New challenges and shifting horizons

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Russia: Seizing the opportunities

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Developing human capital and expertise

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Disruptors: Trends and technologies

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Other

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Global economy: New challenges and shifting horizons

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Russia: Seizing the opportunities

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Developing human capital and expertise

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Disruptors: Trends and technologies

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Other

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Speakers' quotes

  • The risk of crisis is in that we start to focus on transitory problems without looking ahead at how we must change the operational environment of the company.

    Igor Lotakov, Managing Partner, PwC Russia

  • A clear mega-trend affecting companies is the economic power shift. Emerging markets like China are no longer just sources of cheap labour. They are becoming consumer economies.

    Igor Lotakov, Managing Partner, PwC Russia

  • The key role of government in using energy efficiently is to provide incentives and to impose regulations to achieve fair market terms and, ultimately, to lead by example. I think there are a lot of activities and efforts under way in Russia to make that happen.

    Hans-Paul Buerkner, Chairman, The Boston Consulting Group

  • Energy efficiency rests entirely on three things: proper regulation, subsidies and/or market mechanisms.

    Alexander Chuvaev, Executive Vice President, Fortum Corporation; Head of the Russia division

  • Productivity is a reflection of success of the industrial policy, the quality of people and the volume of investment.

    Dmitriy Konov, Chairman of the Management Board, PJSC SIBUR

  • Governments that have established effective institutions over the course of centuries that work to enhance the efficiency of the entire economy, political system and social system work for the entire population as a whole and achieve success.

    Herman Gref, Chief Executive Officer, Chairman of the Executive Board, Sberbank

  • Any reform or radical transformations should be based on continuity and consistency even if they are revolutionary changes.

    Mikhail Abyzov, Minister of the Russian Federation

  • Government should be smaller and smarter and more strategic.

    Anthony Blair, Former Prime Minister of the United Kingdom (1997—2007)

  • It’s really important to have people from public sector spending time in private sector and people in the private sector coming to the public sector. I think they can learn a lot from each other.

    Anthony Blair, Former Prime Minister of the United Kingdom (1997—2007)

  • The National Technology Initiative signifies the establishment of a coalition and the accumulation of expertise in order to grow national companies on the markets of tomorrow.

    Dmitry Peskov, Director of the Young Professionals Department, Agency for Strategic Initiatives to Promote New Projects (Agency for Strategic Initiatives)

  • The truth is we are neither partners, no rivals to business. Role of media is to provide a modern, full and accurate report that customers can use to make the right decisions.

    Paul Ingrassia, Managing Editor, Thomson Reuters

  • Mission of the media today is the same as it was 170 years ago, and it is to inform the world, and that the means of searching for the truth and reporting facts, not opinions.

    Alexander Macintyre, Vice President, The Associated Press

  • We need to offer investors products that can help them do business both successfully and safely in the Far East.

    Alexander Galushka, Minister for the Development of the Russian Far East

  • Agriculture, transport and logistics, IT, and pharmaceuticals are currently the most attractive sectors in Russia for Japanese investors.

    Stanislav Voskresensky, Deputy Minister of Economic Development of the Russian Federation

  • Major corporate investment is a political issue. At the same time, conditions for fostering small and medium-sized enterprises should appear so that economic ties can develop.

    Nikita Belykh, Governor of the Kirov Region

  • We need to transition to conducting mutual settlements in national currencies, and we believe that all the conditions are already in place for this.

    Anatoliy Aksakov, Chairman of the State Duma Committee on Economic Policy, Innovative Development and Entrepreneurship

  • We have discussed on numerous occasions how to combine the economic potential of all SCO member states, […] and we’ve discovered the right formula – national interests can only be taken into account when the entire organisation’s interests are accounted for.

    Dmitry Mezentsev, Secretary-General, Shanghai Cooperation Organisation

  • We must establish a mechanism for working together in the area of innovation. After all, innovation is an engine, a motor that drives any type of cooperation.

    Ping Yu, Vice Chairman, China Council for the Promotion of International Trade (CCPIT)

  • What we need now is a major leap forward. We should endeavour to find synergy between Russian partners and their Indian colleagues, as well as develop high-margin sectors, science, pharmaceuticals, and IT.

    Sergei Cheryomin, Minister, Head of Department for Foreign Economic Activity and International Relations, Moscow City Government; Chairman of the Board, Business Council for cooperation with India

  • Conditions in both Russia and India are positive. What the governments can do is encourage stability and investment, as well as ensure that administrative barriers are gradually removed.

    Nirmala Sitharaman, Minister of State for Commerce and Industry of the Republic of India

  • It is obvious that the traditional methods and sources of extensive growth and for increasing overall trade between our countries have been exhausted. We need to find, establish and develop new areas of growth that can step up this type of relationship.

    Aleksander Tsybulskiy, Deputy Minister of Economic Development of the Russian Federation

  • We really need to think not only about learning new skills, but other things that are much more difficult. It’s all about unlearning old habits and unlearning old ways of doing things.

    Sari Baldauf, Chairman, Fortum Corporation

  • We need to keep what is best in Russia’s traditional system of education while complementing it with modern approaches and methods that can foster among both children and adults the skills and desire needed to pursue lifelong learning.

    Arkady Dvorkovich, Deputy Prime Minister of the Russian Federation

  • In the 20th century, literacy was considered the sum total of knowledge that a person acquired during his lifetime. Today, however, literacy is the very ability to learn.

    Valery Katkalo, Dean, Sberbank Corporate University

  • Russia’s main problem today is structural disparities. Not a single serious structural issue can be solved in the framework of a three-year plan.

    Alexey Kudrin, Dean of the Faculty of Liberal Arts and Sciences, St. Petersburg State University

  • In regards to where we are now in terms of growth, we are right in the middle of a storm.

    Alexey Kudrin, Dean of the Faculty of Liberal Arts and Sciences, St. Petersburg State University

  • We don’t want a complete turn eastwards. We simply want to trade with the East just as much as the West. Cutting off trade with the West has never been on our agenda.

    Igor Shuvalov, First Deputy Prime Minister of the Russian Federation

  • The representatives of those countries actively advocating sanctions also say that the idea of a large Europe, from Lisbon to Vladivostok, is still on the table.

    Igor Shuvalov, First Deputy Prime Minister of the Russian Federation

  • A crisis is always the result of bad management!

    Herman Gref, Chief Executive Officer, Chairman of the Executive Board, Sberbank

  • It is better to look to the future instead of the past! We need to quickly build the kind of economy that the future demands

    Herman Gref, Chief Executive Officer, Chairman of the Executive Board, Sberbank

  • We need ambitious development plants! If we don’t, we will face major risks. We also need to combine high growth rates with qualitative growth.

    Igor Shuvalov, First Deputy Prime Minister of the Russian Federation

  • It’s impossible to be both the biggest owner and regulator simultaneously for a long time. The state must cut its presence in the competitive sectors of the economy.

    Irackly Mtibelishvily, Managing Director, Chairman of Corporate and Investment Banking, Russia, Kazakhstan and Ukraine, Citi

  • One of our objectives is drawing up and improving legislation in order to boost small and medium-sized businesses’ access to the resources available. Our ideology is pursuing the fairest distribution of these resources with the influence of the state kept to a minimum.

    Andrey Tsarikovskiy, Stats-Secretary, Deputy Head, Federal Antimonopoly Service of the Russian Federation

  • It’s highly likely that, over time, the EAEU will become just as integrated and significant a structure as the European Union is now.

    Anatoliy Chubais, Chairman of the Executive Board, RUSNANO Corporation; Co-Chairman, EU-Russia Industrialists Round Table (IRT)

  • The European Union is our most important, steady, long-term partner.

    Alexey Mordashov, Chairman, PAO Severstal

  • My dream is open transport, open circulation, an open flow of people, finance and goods within the EU and the EAEU.

    Jean-Pascal Tricoire, Chief Executive Officer, Schneider Electric

  • Demand for construction of new nuclear power plants has regained pre-Fukushima levels and, in a certain sense, is even beginning to surpass it.

    Sergey Kirienko, Chief Executive Officer, The State Atomic Energy Corporation ROSATOM

  • Our three priorities, our three horses pulling the cart of the Chinese economy forward: investment, foreign trade, and consumption

    Qiang Wei, Director General, National Audit Office of the People’s Republic of China

  • The structure and quality of spending is more important than balance.

    Vladimir Mau, Rector, Russian Presidential Academy of National Economy and Public Administration

  • The three priorities of budget spending are: infrastructure, which should stimulate increasing efficiency, along with education and healthcare.

    Anton Siluanov, Finance Minister of the Russian Federation

  • In Russia, we’re linking the prospects for sustainable economic growth with the transition to an investment-driven growth model.

    Elvira Nabiullina, Governor, The Central Bank of the Russian Federation

  • Small business, small business financing, small business investment: these represent fundamental pillars of global economic activity.

    Lord Mandelson, Chairman, Global Counsel LLP

  • A big driver for growth this century <….> is infrastructure growth and investments in infrastructure.

    Lord Mandelson, Chairman, Global Counsel LLP

  • To give small and medium-sized business access to technological innovations and to make this accessible from a financial perspective is one of the main priorities.

    Pavel Betsis, President, Microsoft Russia

  • Small and medium enterprises do not need more regulation… they need less regulation. Most important they need – clear rules of the game.

    Shiv Vikram Khemka, Vice Chairman of the Management Board, Chief Executive Officer, SUN Group

  • Import substitution is not only a slogan for us – it is a significant economic driver.

    Anatoliy Chubais, Chairman of the Executive Board, RUSNANO Corporation

  • It is important for all innovative institutions to have capacity to fail, the right to fail.

    Esko Aho, Prime Minister of Finland (1991–1995); Executive Chairman of the Board, East Office of Finnish Industries

  • You first need to build up your “muscles” in the Russian market and then it won’t simply be a matter of diversifying the economy, but a declaration by Russia as a global player in the world’s innovative sector.

    Anatoliy Chubais, Chairman of the Executive Board, RUSNANO Corporation

  • When we talk about the domestic capital market, about 50% of which we receive from non-residents – this is domestic money coming full circle, returning to the Russian economy.

    Sergey Shvetsov, First Deputy Governor, The Central Bank of the Russian Federation

  • Talking about the insurance market – we should support this sector, as it constitutes collective investment that might provide our economy with the most long-term finance.

    Sergey Shvetsov, First Deputy Governor, The Central Bank of the Russian Federation

  • We have no problems with the multiplication of capital – banks can easily refinance with the Central Bank. We have problems with the buyers and borrowers of money because the level of information disclosure and corporate governance is insufficient for investors.

    Sergey Shvetsov, First Deputy Governor, The Central Bank of the Russian Federation

  • Pension money is a significant source of investment given its duration and conservatism.

    Anton Drozdov, Chairman of the Board, Pension Fund of Russian Federation

  • In the present market environment, patents have become a tool for attacking rather than defending. Currently a patent is largely a tool used to restrict and maintain positions in markets.

    Kirill Varlamov, Director, Foundation for the Development of Internet Initiatives (FDII)

  • Never before have companies from around the world been forced to find ways to cooperate rather than going to conflict on intellectual property.

    David Michael, Senior Partner, The Boston Consulting Group

  • The development of infrastructure is the foundation required to develop the economy.

    Vladimir Yakunin, President, Russian Railways

  • The experience taught us that the key is to make sure the risks are allocated properly within the public sector, the private sector and among bearers and stakeholders.

    Jin-Yong Cai, Executive Vice President and Chief Executive Officer, International Finance Corporation (IFC)

  • The country needs a major shift in its ability to generate long-term and cheap money for investment in the real sector.

    Yuri Soloviev, First Deputy President and Chairman of the Management Board, JSC VTB Bank

  • We need to focus specifically on the projects that support the most groundbreaking and effective areas in the development of the transportation system.

    Maksim Sokolov, Minister of Transport of the Russian Federation

  • Investing in infrastructure, especially during the crisis period, is the anchor that ensures the country’s transition to new levels of economic growth.

    Nikolai Podguzov, Deputy Minister of Economic Development of the Russian Federation

  • Threats have become more global. States should combine their efforts and develop new rules of the game.

    Nikolay Nikiforov, Minister of Communications and Mass Media of the Russian Federation

  • Today cybersecurity has ceased to be a problem just for specialists. It has become a national, transnational and global problem.

    Alexander Zharov, Head, The Federal Service for Supervision of Communications, Information Technology and Mass Media (Roskomnadzor)

  • E-commerce is dying, but m-commerce is boorning.

    Carlo D'Asaro Biondo, President of Southern and Eastern Europe, Middle East and Africa Operations, Google Inc.

  • Everything will be bought online. It’s just a matter of one, two or three generations.

    Danny Perekalsky, General Director, Ozon.ru

  • In general, we are bullish on gas. Gas will continue to grow faster than oil.

    Ben van Beurden, Chief Executive Officer, Royal Dutch Shell Plc

  • We have [one more] moral obligation. That is to provide affordable energy to the many people in the world who currently don’t have access to it.

    Ben van Beurden, Chief Executive Officer, Royal Dutch Shell Plc

  • The Arctic can and probably will play a very significant role in the future supply of oil and gas.

    Ben van Beurden, Chief Executive Officer, Royal Dutch Shell Plc

  • I believe that a price of USD 75–80 per barrel will satisfy both producers and consumers in a year’s time.

    Alexander Dyukov, Chairman of the Management Board and Chief Executive Officer, JSC Gazprom Neft

  • The devaluation of the Russian currency has created new opportunities for both the Russian economy and the domestic oil and gas sector.

    Alexander Novak, Minister of Energy of the Russian Federation

  • A price of USD 50 or 60 per barrel does not frighten oil companies at all given their growing operating efficiency and the weakening of the rouble, as well as a tax regime that enables us to be efficient even when prices are low.

    Alexander Dyukov, Chairman of the Management Board and Chief Executive Officer, JSC Gazprom Neft

  • Eliminating excessive regulation, increasing competition in the economy, and eliminating various barriers that are preventing competition are among the challenges that the government needs to resolve.

    Dmitry Livanov, Minister of Science and Education of the Russian Federation

  • The best way to predict the future is to invent it

    Jean Raby, Chief Financial and Legal Officer, Alcatel-Lucent

  • It is harmful for science and education to be localized and it is impossible to import them.

    Sergey Kravchenko, President, Boeing Russia and CIS

  • There is potential in the arrangements [between the EU member states and Russia]. And one day, problems like international terrorism will be defeated.

    Romano Prodi, President, Foundation for Worldwide Cooperation; Prime Minister of the Italian Republic (1996–1998, 2006–2008)

  • You cannot export democracy by force. It can be exported through democratic instruments.

    Romano Prodi, President, Foundation for Worldwide Cooperation; Prime Minister of the Italian Republic (1996–1998, 2006–2008)

  • If you can create (finance) platforms that bring together the best, you can improve accountability, governance, transparency.

    Amar Bhattacharya, Senior Fellow at the Global Economy and Development Program, The Brookings Institution

  • The new bank for development will be one that works jointly with other financial institutions, local and regional, to finance infrastructure projects.

    Vladimir Dmitriev, Chairman, Bank for Development and Foreign Economic Affairs (Vnesheconombank)

  • There are so many savings out there in emerging markets, and yet, in terms of their use there are not enough institutions to allow these savings to be utilized to boost growth rates and development.

    Yaroslav Lissovolik, Chief economist, Head of Company Research in Russia, Member of the Management Board, Deutsche Bank in Russia

  • Eurasian Economic Union can and must become a political partner for the EU.

    Eckhard Cordes, Chairman, Committee on Eastern European Economic Relations

  • The external structure of the EEU today is quite extensive. More than 40 countries are interested in collaborating with the Union so they can enjoy free, preferential trade with the EEU.

    Dmitriy Pankin, Chairman of the Management Board, Eurasian Development Bank

  • It is fundamentally important to agree to the macroeconomic indicators (within the EEU) and adhere to them to create a stable environment, especially for businesses.

    Tigran Sargsyan, Ambassador of Armenia in the United States

  • We will strive to increase our investment co-operation … because our region needs diversified sources of income, as well as new qualitative change.

    H.E. Abdullatif A. Al Othman, Governor and Chairman of the Board of Directors, Saudi Arabia General Investment Authority (SAGIA)

  • A tsunami is coming and this is a tsunami of educational technology. When we look back ten or fifteen years from now, we’ll see a different planet.

    Shiv Vikram Khemka, Vice Chairman of the Management Board, Chief Executive Officer, SUN Group

  • An autonomous transportation and multimodal fusion only work if public authorities and private companies work together in a similar manner.

    Nikolaus Lang, Senior Partner, Managing Director, The Boston Consulting Group

  • The invention of the car changed the world. Now has come the time when technology will once again change the world for the better and, for that, a public-private partnership is necessary.

    Sergey Kogogin, Director General, OJSC KAMAZ

  • The Silk Road is above all an economic belt. Terminals, production facilities and service sectors will be built along the Silk Road to enable countries, companies and people residing along this economic belt to join the global workforce and international markets.

    Konstantin Kuzovkov, Deputy general director, FESCO

  • Postal service is a business. If the postal system fails to become a competitive business and does not make money for investing in its infrastructure, it cannot develop.

    Dmitry Strashnov, General Director, The Federal State Unitary Enterprise Russian Post

  • Definitely post is a business, but a socially responsible business. This is very important considering the significance of Russian Post for the country as a whole.

    Mikhail Evraev, Deputy Minister of Telecom and Mass Communications of the Russian Federation

  • Today, Russian post offices are just a 5 minutes’ walk away from people. About 50% of the people have bank accounts. Accordingly, the other 50% do not keep money in a bank, so that money is not working for the country’s economy. There is money in the country. Only Russian Post can reach it with the help of a postal bank.

    Dmitry Strashnov, General Director, The Federal State Unitary Enterprise Russian Post

  • We need the government to liberate the potential of post offices, the respective legislation should be adopted. After that we will not fear competition.

    Bishar Hussein, Director General, UPU International Bureau

  • Emerging markets must execute policies to improve the environment for doing business.

    Sumit Mazumder, President, Confederation of Indian Industry

  • If you get infrastructure right, you are providing platforms for growth.

    Kevin Michael Rudd, President, Asia Society Policy Institute (ASPI); Prime Minister of Australia (2007–2010, 2013)

  • Until now, the G20 has had much to say, and now it is time to put those words into action.

    Ayse Sinirlioglu, G20 Sherpa of the Republic of Turkey

  • The biggest challenge [for emerging markets] is sustaining strong economic growth.

    Suryo Sulisto, Chairman, Indonesian Chamber of Commerce and Industry

  • Savings on emissions correspond to savings on energy and, therefore, to savings on costs.

    Jean-Pascal Tricoire, Chief Executive Officer, Schneider Electric

  • There are a number of new objectives that will enable us not only to crystallise the business community’s consolidated position into actual finalised documents, but also to make them a reality and carry out the main objective – that is to ensure sustainable, stable and inclusive economic growth.

    Alexander Shokhin, Russian Union of Industrialists and Entrepreneurs (RSPP)

  • SMEs (small and medium-sized enterprises) are the basis for growth … particularly for the current economic recovery.

    Ping Yu, Vice Chairman, China Council for the Promotion of International Trade (CCPIT)

  • The upsurge in inflation that we have at the moment is a direct consequence of the sharp drop in the exchange rate and the increased cost of imports … these are two sides of the same coin.

    Alexander Zhukov, Vice Chairman, First Deputy Chairman of the State Duma of the Russian Federation; President of the Russian Olympic Committee

  • The Central Bank cannot bring inflation down if the government won’t lend it a helping hand by adjusting its fiscal policies and indexing natural monopoly tariffs.

    Mikhail Zadornov, President, Chairman of the Management Board, Bank VTB 24

  • Our economic slowdown is structural in nature and can only be corrected by making structural changes.

    Elvira Nabiullina, Governor, The Central Bank of the Russian Federation

  • The level of our gold and foreign exchange reserves could be increased by 25% if the repayable funds that we have provided within the framework of foreign currency financing are returned.

    Elvira Nabiullina, Governor, The Central Bank of the Russian Federation

  • Capital markets can be your best friends or your worst enemies – it all depends on what you do with them.

    Jacob Frenkel, J.P. Morgan Chase International

  • The best contribution that the Central Bank can make is really to ensure price stability.

    Jacob Frenkel, J.P. Morgan Chase International

  • Drive diversification of the economy - as there is a clear need to invest in new assets, this is an excellent opportunity to diversify the economy.

    Dennis Nally, Chairman, PwC International Ltd.

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